General Motors’ Chinese Venture to Sink $4.3 Billion Into Electric Vehicles by 2024

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Smartphone-Maker Xiaomi Bets Bigger on Smart Cars; Smartphone Brand Honor Restores Its Fortunes Now That It’s Free of Huawei

LATEST: Smartphone Brand Honor Restores Its Fortunes Now That It’s Free of Huawei; Smartphone-Maker Xiaomi Bets Bigger on Smart Cars; China’s Tighter Tech Laws Could Stymie U.S. Demands for Data Handover, Legal Expert Says; China Chip Exec Says Crunch Could End by Mid-2022; Air Taxi Developer’s Listing Shows Tencent Can’t Shake Its Flying Car Dreams; Apple Hopes Cheaper IPhones Will Woo Chinese Customers; Two Chinese Tech Stocks Sizzle on Latest Hot Concept in Virtual Reality; China Tech Stocks Stumble in Rush Back Toward Bull Market; WeRide Joins With Carmaker, Courier to Commercialize Self-Driving Delivery Vans; JD.com-Backed Dada’s Autonomous Delivery Investment Undercuts Revenue Jump; Non-Innovative Medtech Companies Are Winning Too Much Venture Capital, Official Says; Chipmaker SMIC Inks Deal With Shanghai for $8.8 Billion Factory; Tech Insider: EV Sales a Mixed Bag, MediaTek Stays on Top, Xiaomi’s New Direction; BGI’s Gene Sequencer Spin-Off Approved for Shanghai IPO; Smartphone Giant Xiaomi Officially Revs Up Smart Car Business; China’s GPS Alternative Gets Regulatory Roadmap in Push to Boost Adoption; Meituan Faces Fresh Regulatory Trouble Over Mobike Acquisition; China Hammers Mobile Gaming Industry With Tough New Limits; ByteDance Acquires China’s Largest Virtual Reality Headset Maker; Microchip Design Specialist Arm China Takes a Turn Into Autonomous Driving

By Liu Yukun and Mo Yelin / Nov 29, 2019 06:19 PM / Business & Tech

Photo: VCG

General Motors’ Chinese joint venture said it will invest about 30 billion yuan ($4.3 billion) in electric-vehicle production over the next five years, becoming the latest global automaker to ramp up its output of new-energy vehicles in China.

SAIC General Motors will roll out at least nine hybrid or pure-electric models by 2024, company president Wang Yongqing said in an interview with Caixin.

Major automakers in China are currently recalibrating their operations to comply with an industry requirement to derive a certain percentage of car sales from new-energy vehicles. That percentage is expected to rise incrementally over the next few years as the country weans itself off gas-guzzling cars.

Read the full story later at Caixin Global.

Contact Reporter Mo Yelin (yelinmo@caixin.com)

Share this article

Open WeChat and scan the QR code