US based automobile manufacturer General Motors (GM) has obtained the approval of Chinese authorities to build a $1.3bn Cadillac plant in China.
Expected to start construction in June 2013, the new facility will be located at the Jinqiao district in Shanghai and would have an annual production capacity of 150,000 units.
Following the completion, the facility is expected to be operated by the Shanghai GM, a joint venture with China based SAIC Motors.
The investment in Chinese market follows the manufacturer's plan to strengthen its position in the growing luxury vehicle market of the country.
GM is planning to make its brand, Cadillac to acquire 10% of the luxury car market share in China by 2020.
Source:
http://manufacturing.automotive-business-review.com/news/general-motors-to-build-13bn-cadillac-plant-in-china-080513
