General Motors Encouraged To Invest in Shanghai For Their R&D Requirements

Shanghai has invited General Motors to increase investment and R&D in the city, the city government announced on Wednesday.

Shanghai was looking forward to General Motors bringing more high-end products and cutting-edge technologies to the sixth China International Import Expo this year, according to Shanghai's Communist Party secretary Chen Jining, who met with GM's chairwoman Mary Barra.

Barra's trip to Shanghai, her first since the COVID-19 outbreak, came at a time when the American automaker is experiencing a sales slump in China, the world's largest auto market, due to its slow pace in introducing new electric vehicle (EV) models.

According to SAIC's filing, sales at its main joint venture with SAIC Motor Corp for Cadillac and Chevrolet cars fell 11% in the first four months.

GM announced in November that it would launch more than 15 new EVs in China and increase EV production capacity to more than one million units by 2025.