China has approved U.S. automaker General Motors’ plan to build a $1.3 billion plant in Shanghai, the official media said.
Xinhua News Agency, quoting the automaker, said the plant with a production capacity of 150,000 units would be located in Shanghai’s Jinqiao district and construction is expected to begin next month.
GM has been seeking to drive up sales of its Cadillac and other luxury brands in China. The company already is reported to have 15.2 percent of China’s automotive market, the world’s biggest by sales volume.
Read more about the GM deal in China at UPI.