US automotive giant General Motors (GM) will join forces with its Chinese partner Shanghai Automotive Industry (SAIC) to develop a line of Chevrolet vehicles to cater to fast-growing emerging markets, pumping in $5bn over the next several years.
In what becomes the first major development drive by a US carmaker in China to cater to the global market, the duo will come up with a common platform, which could be tweaked to suit the requirements of a specific region, according to media reports.
The compact cars and SUVs designed by the firms will be launched in the stores outside the US and Europe in countries such as, India, China, Brazil and Mexico, starting 2019, Reuters said.
With this, GM is expected to be in position to vie with other low-cost variants made by Renault-Nissan Alliance and Volkswagen, among others.
GM president Dan Ammann told Wall Street Journal: "It starts with what we call a profound understanding of the customer... This is really about meeting the rapidly changing needs in these markets."
If everything falls in place, the $5bn global vehicle project could account for two million in annual vehicle sales that would be equal to 20% of its current volume, according to Ammann.
