UPDATE 1-Shanghai GM to spend 100 bln yuan developing new vehicles
April 19, 2015 at 12:55 PM EDT
SHANGHAI, April 19 (Reuters) - Shanghai GM, a joint venture between General Motors and China's SAIC Motor Corp , plans to spend 100 billion yuan ($16 billion) over the next five years developing new vehicles, Shanghai GM President Wang Yongqing said on Sunday.
