GM Vows to Invest $16 Billion in China in 5 Years

General Motors Co. says its venture with SAIC Motor Corp. will spend 100 billion yuan ($16.1 billion) by 2020 to launch 10 new or updated models per year.

Shanghai GM President Wang Yongqing tells reporters the initiative will give the venture about 40 product lines with which to capture 10% of the Chinese car market. The company also expects to launch 13 new engines and nine new transmissions by 2020.

Wang says GM's new products will include 10 hybrid and plug-in models. The company is targeting a 25%-30% improvement in the average fuel economy of its Chinese new-car fleet by the end of the decade.