Shanghai (ZXZC)- SAIC-GM, a joint venture between General Motors and SAIC Motor, will invest roughly RMB80 billion ($11.3 billion) in the JV’s R&D, technologies and factories from 2020 through 2024, to keep up with the industry mega trends of  electrification, connectivity, intelligence and sharing, according to the company’s senior management.

The automaker plans to roll out more than 60 all-new models and refreshed models by 2023, including over 9 brand-new plug-in hybrids and battery-only electric vehicles, the automaker announced on March 12. The intended investment will be fore the above plan
SAIC-GM showed confidence in a leading position among China’automobile joint ventures, although the company faced double-digit decline in both Oct. sales and Jan.-Oct. sales over the year-ago period.

At Auto Guangzhou 2019, the automaker showcased 41 models under its three brands—Chevrolet, Buick, and Cadillac. 16 Buick-branded models (including the Enclave and the 2020 Envision) are among them and 16 Chevrolet-badged models include the Trailblazer and the Menlo. The others are from Cadillac (including the CT5). It’s said that the JV will launch 10 fire-new and revamped models in 2020.

Besides, SAIC-GM is to accelerate its pace in developing ICVs (Internet-connected vehicles), autonomous driving and new service ecology. With its new connected technology, vehicles from the joint venture will boast various functions, including online music/radio platforms, cloud navigation, remote control, intelligent push approach, virtual key, in-car payment system, voice assistant as well as smart home control system (photo source: SAIC-GM).