General Motors (GM.NYSE) announced plans to reach for 10% of China’s luxury car market by 2020 with new models and a larger distribution network for its Cadillac brand, Reuters reported. The announcement was made ahead of a ground-breaking ceremony for Cadillac’s new plant on the outskirts of Shanghai. GM sold 30,010 Cadillacs in China last year, and hopes to raise that number to roughly 250,000 units by the end of the decade. China is expected to make up 40% of the global luxury car market and sell 2.7 million luxury cars each year by 2020.
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