Cadillac Enters China

Loading...
Loading...

Shares of General Motors Company GM were trading higher by more than 1 percent. Various media outlets reported that the company opened a $1.2 billion factory in Shanghai, China.

According to The Wall Street Journal, General Motors' new factory will be used to build Cadillac-branded cars. The report added that General Motors and its Chinese partner, SAIC Motor Cop., will be able to manufacture 160,000 vehicles a year in the new facility.

General Motors sold around 80,000 Cadillac vehicles in China throughout 2015 - giving the company an approximate 4.2 percent market share of the luxury car segment.

"We do firmly believe that there is strong potential for luxury [cars] in China," said Matt Tsien, president of GM China. The company projects China's luxury-car market will have annual sales of 3.5 million units in 2020, accounting for more than a 10 percent share of the country's overall auto market.

Posted In: NewsGlobalCadillacCadillac ChinaGeneral MotorsGeneral Motors ChinaMatt Tsien
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...