Struggling to remain on top in the increasingly competitive Chinese automotive market General Motors and its partners plan to invest $16 billion over the next five years to develop 10 all-new or upgraded models.
The focus will be on so-called “new-energy models,” including both conventional and plug-in hybrids the maker announced during a meeting with reporters at the Shanghai Motor Show on Monday. Chinese regulators have been pressing the industry to reduce fuel consumption and migrate to battery-based drivetrains in an increasingly desperate effort to reduce the country’s worsening air pollution problems.
“In terms of new energy, we are keen on power efficiency and emission control and are ardent to go electrical throughout our portfolio,” said Shanghai GM President Wang Yongqing. (more…)