“China is playing a vital role in GM’s global success in all areas of our business,” said GM CEO Mary Barra during a press conference at Auto Shanghai 2015, which began Monday.
Ain’t that the truth.
Barra and a handful of other members from the GM executive team are currently in China to show their faces in GM’s largest market, which China has held for the past five years. Last year, the Chinese market alone accounted for more than one third of GM’s global sales.
The growth continues into 2015 and GM has already reached 1-million units, the ninth time it’s hit the million mark in the country. This year the company reached the milestone on April 9, the earliest it’s ever hit the mark.
Barra expects GM’s market share to grow 6 to 7 percent annually through 2019, and she’s earmarked $14-billion to help maintain the company’s ambitious goals by 2018. Another count is an estimated $16 billion investment in China by 2020.
“GM is fully committed to China, our local partnerships and China’s vehicle buyers,” said Barra. “With our continued investment, we have a very exciting journey ahead of us.”
Along with the $14 billion investment announcement, here are a few of the goals and products GM has planned for the region:
- Buick will introduce two new models in China in 2015 (its largest market)
- Chevrolet has 10 products on the way in the next few years (its second-largest market)
- Cadillac, one of this country’s fastest-growing car brands, will add several new models in the next few years
- Baojun, GM’s newest brand in China, will add a new SUV to its lineup
- The company’s joint ventures are increasing manufacturing capacity by 24 percent this year alone
- GM expects to have 5 million units of annual production capacity in China by 2018
- The General is also expanding its dealer networks for all brands, with focus on central and western China (where the majority of growth is taking place)