GM, SAIC Plan Huge Family of Low-Cost Chevy Models

General Motors Co. President Dan Ammann tells reporters the company will spend $5 billion in the next several years to launch a new family of Chevrolet-branded vehicles designed for emerging markets.

The models, which eventually could expand to more than 24 variants, will use platforms and an engine co-developed with China partner SAIC Motor Corp. Ltd. Ammann says the program's first car will debut during the 2019 model year.

GM indicates the family of low-priced vehicles will be equipped with safety, connectivity and fuel efficiency technologies that make them a "compelling value." The new lineup will replace many of the small cars GM currently sells in emerging market.

The company plans to produce the Chevy models in Brazil, China, India and Mexico. Many of the vehicles will be sold within those markets. But GM also plans to export the cars to other countries. Ammann says there are no plans to offer the vehicles in the U.S. and Europe, according to Amman. He adds that GM aims for more than 2 million sales per year.

GM predicts 55% of its sales growth through 2030 will come in emerging markets. The new Chevrolet models will be engineered for regional markets but share most of their components from a global pool that helps lower production costs.

The massive product development plan is part of GM's effort to fortify the Chevrolet brand globally. It also comes as the company realigns its production base to capitalize on relatively low-risk, high-growth markets. Within the past six months GM has restructured in Thailand, phased out production in Indonesia and halted output in Russia.