American auto maker General Motors to invest $14 billion over five years for expanding operations in China.
General Motors (GM) has announced that it will be investing $14 billion in China over the next five years to expands operations through five new manufacturing plants on October 1, 2014. The company plans to raise its annual sales in China to nearly five million vehicles, further establishing its share in the world’s largest car market.
GM also has plans to introducing 60 new models or revamped vehicles, including nine new models from its flagship luxury brand Cadillac. With this move, the company has pledged commitment to manufacturing, distribution, marketing and R&D, at par with its competitors.
The company was one of the first auto manufacturers to initiate R&D in China in order to build cars specifically for the Chinese market. At present, GM operates through two foreign enterprises, 10 joint-venture partnerships and more than 50,000 employees in China. As per the company, GM and its joint-venture partners sold a record-breaking 3.1 million vehicles in China 2013 and is now vying for a bigger piece of the hyper-competitive market.
The company is also working on inculcating advanced technology increments in their vehicles, including high-speed mobile broadband vehicle-to-vehicle connectivity in some models, and a highly automated, hands-free highway driving technology called Super Cruise.
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