Wednesday, 19 June 2013 09:58
Posted by Shoaib-ur-Rehman Siddiqui
SHANGHAI: US auto giant General Motors on Wednesday broke ground on a $1.3 billion plant in Shanghai to produce Cadillacs as it seeks a larger share of China's growing market for luxury cars.The plant will have annual output capacity of 160,000 vehicles with production to start in two years, GM officials told a news conference before the opening ceremony."We're going to bring our high-end, premium product here and we're going to see how we run against the competitors from Europe and Japan," GM chairman and CEO Dan Akerson said.Although GM is the largest foreign auto maker in China by sales, it has lagged behind in the country's luxury segment, in which German companies hold an estimated 80 percent share.But the American company has ambitious plans for the Cadillac with an aim to capture 10 percent of China's luxury car market by 2020, GM officials said.Its current market share for the ...