GM, SAIC to co-develop new autos aimed at emerging markets

General Motors (GM.NYSE) has announced it will spend US$5 billion to develop a new family of Chevrolet vehicles for emerging markets in collaboration with its Chinese partner, the state-owned Shanghai Automotive Industry Corp. (SAIC), Reuters reported. GM and SAIC will engineer compact cars and sport utility vehicles that will go on sale in 2019 in growth markets outside of the US and Europe, including Brazil, India, Mexico and China–the world’s largest car market. The large-scale, small vehicle project marks another front in GM’s effort to consolidate the fragmented vehicle and engine programs of its sprawling global operations.