General Motors (GM.NYSE) announced Thursday that its joint venture plant in Shanghai had received permission from authorities to build a US$1.3 billion (RMB8 billion) plant to manufacture vehicles under its Cadillac brand, The Wall Street Journal reported. When completed, GM’s new factory will be able to produce 150,000 vehicles per year. In 2012, GM sold sold 30,000 vehicles under the Cadillac brand in China. The company says it is looking to increase this number to 100,000 a year by 2016. By 2020, the company hopes to command 10% of the luxury vehicle market share in China.
You must log in to post a comment.