Jan. 17, 2012 (China Knowledge) - U.S.-based General Motors Co is preparing to launch a new production base, its fourth major Chinese plant, in Shanghai
via a joint venture Shanghai
GM, between GM and SAIC Motor Corp Ltd<600104
>, said GM CEO Dan Akerson at the firm's headquarters in Detroit.
Akerson, however, did not disclose further details of the new facility, including investment, location and output capacity.
At present, Shanghai GM owns three key auto plants in China, consisting of the facility in Shenyang
Province with an annual output capacity of 200,000 units, Yantai, Shandong
Province with 240,000 units and Jinqiao, Shanghai
with 320,000 units.
The JV, which targets over 1 million-auto sales per year in the near future, has started capacity expansion on its Shenyang plant which is expected to be completed by 2014 with a net addition capacity of 300,000 units.
In 2015, Shanghai
GM's domestic vehicle sales would reach 2 million units, said analysts.
Last year, the JV sold a total of 1.23 million Buick, Chevrolet and Cadillac models in China, reflecting a year-on-year increase of 18.5%.