Shanghai invites GM to expand investments and research in the city By Investing.com

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Shanghai invites GM to expand investments and research in the city

Published May 24, 2023 08:29AM ET

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Shanghai invites GM to expand investments and research in the city

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Shanghai wants General Motors (NYSE:GM) to increase the company’s investment in research and development and bring in more products and advanced technologies to this year's China International Import Expo, according to the city government.

During a meeting with GM's chairwoman Mary Barra, Shanghai's Communist party secretary Chen Jining expressed excitement about their participation.

Barra's visit to Shanghai, her first since the COVID-19 outbreak, comes at a time when the American automaker is facing a decline in sales in China, which is the largest auto market globally. This slump is primarily due to their slow release of new electric vehicle (EV) models.

SAIC Motor Corp (SS:600104), GM's major joint venture partner for Cadillac and Chevrolet cars, reported an 11% drop in sales during the first four months, according to SAIC's filing.

In November, GM announced plans to introduce over 15 new EVs in China and establish an EV production capacity exceeding 1 million units by 2025.

Shares of GM are down 0.87% in pre-market trading on Wednesday.

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