SAIC-GM-Wuling to Invest USD468 Mil. in NEV Plant 25-Aug-2015 14:33 GMT News Investments

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SAIC-GM-Wuling to invest USD468 mil. in NEV plant 25-Aug-2015 14:33 GMT News Investments Will have an annual production capacity of 200,000 cars. Chinese joint-venture (JV) automaker SAIC-GM-Wuling has announced that it will invest CNY3 billion (USD467.8 million) in a new energy vehicle (NEV) plant, reports Reuters news agency. SAIC-GM-Wuling, a JV between Shanghai Automotive Industry Corp, General Motors, and Wuling Automobile Co, held the groundbreaking ceremony for the new plant on 21 August in Liuzhou city. The NEV plant will have an annual production capacity of 200,000 cars. In addition, the automaker has begun production at its second plant in Liuzhou city, which will manufacture the JV's Baojun brand of cars. The plant has an annual production capacity of 400,000 vehicles. Significance: SAIC-GM-Wuling formed the Baojun entry-level brand in 2010 and launched the Baojun 630 in 2011. Later, the JV rebadged the Chevrolet Spark small car as the Baojun Le Chi. In February 2014, the JV unveiled two models − the Baojun 610 hatchback and multipurpose vehicle. The JV also recently entered the sport utility vehicle (SUV) market in China by launching the Baojun 560, a compact SUV, under the budget Baojun brand. IHS Automotive forecasts the total sales of Baojun vehicles will reach 307,475 units in 2015 in China, up 71.7% year on year. The information contained in this presentation is confidential. Any unauthorized use, disclosure, reproduction, or dissemination, in full or in part, in any media or by any means, without the prior written permission of IHS Markit or any of its affiliates ("IHS Markit") is strictly prohibited. IHS Markit owns all IHS Markit logos and trade names contained in this report that are subject to license. Opinions, statements, estimates, and projections in this report (including other media) are solely those of the individual author(s) at the time of writing and do not necessarily reflect the opinions of IHS Markit. Neither IHS Markit nor the author(s) has any obligation to update this report in the event that any content, opinion, statement, estimate, or projection (collectively, "information") changes or subsequently becomes inaccurate. IHS Markit makes no warranty, expressed or implied, as to the accuracy, completeness, or timeliness of any information in this report, and shall not in any way be liable to any recipient for any inaccuracies or omissions. Without limiting the foregoing, IHS Markit shall have no liability whatsoever to any recipient, whether in contract, in tort (including negligence), under warranty, under statute or otherwise, in respect of any loss or damage suffered by any recipient as a result of or in connection with any information provided, or any course of action determined, by it or any third party, whether or not based on any information provided. The inclusion of a link to an external website by IHS Markit should not be understood to be an endorsement of that website or the site's owners (or their products/services). IHS Markit is not responsible for either the content or output of external websites. Copyright © 2021, IHS Markit®. All rights reserved and all intellectual property rights are retained by IHS Markit..

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