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Shanghai GM to invest $16 billion to develop new vehicles


    SHANGHAI (Reuters) - Shanghai GM, a joint venture between General Motors and Chinese automaker SAIC Motor Corp , plans to spend 100 billion yuan ($16.14 billion) over the next five years to develop new vehicles, Shanghai GM President Wang Yongqing said on Sunday.

    The business aims to launch 10 "new-energy models" as it seeks to establish a 10 percent share of the Chinese market, Wang told reporters ahead of the Shanghai autoshow, which begins on Monday.

    (Reporting by Jake Spring; Editing by Lee Chyen Yee and David Goodman)