SGM invested $650m to expand capacity

Shanghai automobile (600104) announced on 13th that 650 million dollars will be invested to expand its capacity, which was approved by the board on 11th this month.

The announcement says that Shanghai GM is responsible for the gap of anticipated investment and newly registered capital. And Dongyue Powertrain Assembly Co.,Ltd, which owned by Shanghai Automobile (25%), Shanghai GM (50%), GM China (15%) and GM(China) Investment Co.,Ltd , will introduce Gen3 engine with the investment of about 218,59Million $ for Shanghai GM.