GM Venture in China Plans $1 Billion Auto Plant
General Motors and its joint venture partners in China say they will build a third car plant to keep up with demand for vehicles in the world's biggest auto market.
The SAIC-GM-Wuling venture said Wednesday the first phase of the 6.6 billion yuan ($1 billion) factory will open in 2015.
The plant will be capable of turning out 400,000 vehicles and engines a year. It will help the joint venture reach its goal of producing 2 million vehicles a year by 2015. The company said it wouldn't decide which models to make until closer to the start of production.
The new factory will be in Chongqing city in central Sichuan province. The venture's other two plants are located in Liuzhou in southern Guangxi region and Qingdao, on China's northeastern coast.