Caixin
Caixin Global – Latest China News & Headlines

Home >

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.

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

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

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)

Related: New Energy Vehicles Struggle to Find Mass Audience


Share this article
Open WeChat and scan the QR code