GM to invest $1 bln annually in China to stimulate growth
Shanghai, May 4 (Gasgoo.com) General Motors CEO Rick Wagoner says GM and its joint ventures in China will invest around $1 billion annually in the next few years to boost R&D capacities and acclerate its expansion in one of the world's fastest-growing markets.
Wagoner told the media in a recent interview that China still has great potential for further growth, adding that he believes China will account for some 50% of the total market growth in emerging markets in the next ten years.
Facing sheer pressure from rising fuel prices and considering environmental impact of its cars, GM is set to launch one new hybrid model every season from now on in an effort to lower average CO2 emissions, and will select suitable models for Chinese consumers.
The company will start to sell its first gas-electric hybrid car - Buick LaCrosse in China this July, a model created in part by GM's Shanghai design center and claimed to be first hybrid made in China.
The Detroit-based automaker plans to introduce a hybrid version of the Cadillac Escalade sport SUV in China next year, followed by an all-electric car as early as 2010, he said.
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