General Motors, the largest overseas carmaker in China, plans to increase investment on the mainland, as well as introduce more new models and strengthen its research and development there to tap the world's biggest car market.
Chairman and chief executive Dan Akerson said during a trip to Beijing yesterday that GM will introduce more than 20 new and upgraded models in China over the next two years.
The company will also invest heavily in the country to ensure its leading position, said Akerson without disclosing further details of the company's investment plans.
'To remain a global industry leader, GM must remain an industry leader in China,' said Akerson, who took over as chief executive in September. 'We are fully committed to this market for the long term by putting the necessary resources and investments in place.'
The Detroit-based company sold 2.35 million vehicles in China last year, up about 29 per cent on the previous year, due in part to an expansion into provincial cities. That is more vehicles than it sold in the United States, where it delivered 2.22 million vehicles in 2010.
GM's January sales also hit a monthly record of 268,071 units, up 22.3 per cent from a year earlier. The company estimates it has a 14.7 per cent market share on the mainland.