US automaker General Motors (GM) is planning to invest about $1.6bn in its North American manufacturing facilities during 2013, in a bid to unveil about 20 new models in the US during the year.
Being invested as part of $8bn annual spending across the globe in product development, GM is replacing 70% of its US vehicle line-up in 2012 and 2013 that include 13 new Chevrolet models.
Since July 2009, GM had spent about $10.2bn in its North American facilities as well as retained or generated nearly 26,500 jobs.
Bloomberg cited GM North America president Mark Reuss as saying that the firm has discovered ways to save 'thousands of dollars' in the cost of producing the next generation Chevrolet Volt through a vehicle platform designed specifically for batteries.
"You can decrease the size of the battery pack, decrease the size of the electric motors; get equivalent range with much lower cost," Reuss said.
GM is also planning to enter European market in 2015 and introduce 23 new models in the following five years.
