US-based ear giant General Motors is planning to invest Yn2bn to double capacity at its joint venture plant
in Shanghai, China Daily
said. The venture's board had already approved the
building of a new factory for open by 2005. GM declined to confirm details the plans until
they had been approver by the central government.
Shanghai GM is currently
running at full capacity and the expansion would raise max-imum output by 100,000 cars a
year, enabling the company to keep up with rising demand. Shanghai GM sold about
59,000 ears in the first five months of 2003, 62 percent more than in the same period of
2002.
GM's four ventures in China sold 264,000 vehicles in that year; more than
three times as many as in 2001.