General Motors Investing $5 Billion for New Chevrolets in Growth Markets
General Motors is looking to make Chevrolet a greater presence in emerging growth markets, and it has announced that it will be investing $5 billion toward what it calls “an all-new vehicle family that will meet the rapidly changing demands of customers in these markets.”
“With a significant majority of anticipated automotive industry growth in 2015 to 2030 outside of mature markets, Chevrolet is taking steps to capitalize on that growth,” said General Motors President Dan Ammann. “Strengthening Chevrolet’s position through this major investment is consistent with our global strategy to ensure long-term profitable growth in the markets where we operate.”
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The investment is yet another aspect of GM’s partnership with SAIC Motor, who will help develop the vehicle platform’s architecture and engine. This vehicle family will replace pre-existing vehicles and should help serve the purpose of making the bowtie brand more competitive in growth markets around the globe while also cutting costs significantly in the process.
“This new vehicle family will feature advanced customer-facing technologies focused on connectivity, safety and fuel efficiency delivered at a compelling value,” said Mark Reuss, GM executive vice president, Global Product Development, Purchasing and Supply Chain. “It will be a combination of content and value not offered previously by any automaker in these markets that are poised for growth.”
Production is set to take place in markets including Brazil, China, India, and Mexico, with production volume expected to exceed two million models a year. The first of the new vehicles should be available as soon as 2019.
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