Shanghai GM will spend 100 billion yuan ($16.14 billion USD) by 2020 to create or upgrade new vehicles until it has almost 40 product lines to attract more buyers in the Chinese market.
Shanghai GM President Wang Yongqing announced on Sunday that the joint venture between General Motors and China's SAIC Motor Corp is looking to reach its goal in five years and it's prepared to spend a lot of money to do so, according to Reuters.
"In terms of new energy, we are keen on power efficiency and emission control and are ardent to go electrical throughout our portfolio," Yongqing said before the Shanghai Auto Show, which starts Monday.
Yongqing expects the Buick and Chevrolet brands to pass the 1 million mark in annual sales mark by 2020.
To make 10 "new-energy models," like traditional and plug-in hybrid vehicles, Shanghai GM will have to fork over 26.5 billion yuan, Reuters reported.
GM said around this time last year it would invest $14 billion from 2014 to 2018.
The investment announced on Sunday is part of a different plan however, and only involves Shanghai GM, Yongquing said, according to The Wall-Street Journal.
"Shanghai GM has to stay alert, and move even faster in shaping our core competence for the future," Wang Yongqing, president of Shanghai GM, said at the Sunday event.
At least 13 new engines and nine transmissions will be launching by 2020 to lower carbon-dioxide emissions and improve fuel economy, said John Stadwick, vice president of sales, service and marketing for Shanghai GM, The Wall-Street Journal reported.
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