Chevy has just announced a $5 billion investment plan to develop a new vehicle family intended to bolster its presence in global growth markets. Chevy is focused on tailoring the new line to be flexible in meeting “rapidly changing” consumer demands, and will include advanced technologies in the areas of connectivity, safety and fuel efficiency. The cars will come in a variety of different body styles and be equipped with both diesel and gas engines. The first entry is expected to make its debut in 2019.
Looking ahead to the next 15 years, the automaker anticipates a good deal of industry growth “outside of mature markets,” and as such, will seek to secure long-term profitability with this new investment. The new vehicle family will replace several existing vehicles already sold overseas, although Chevy declined to specify which models would get the axe.
Part of the plan includes an expanded partnership between General Motors and the Chinese state-owned auto-manufacturing company SAIC Motor, with the two firms signing an agreement to jointly develop the core architecture and engines for the new vehicle family.
Chevy says a multinational team of engineers and designers is tasked with creating the new vehicle family to meet the expectations of customers in each individual market where the vehicle will be sold. These include Brazil, India, Mexico and China, with exports also expected to other high-growth, emerging markets.
Chevy hopes to see sales for the new line grow to more than two million units annually. Critically, the new vehicles will not see export to markets like the U.S. or Europe.
Further information on the investment plan and the new vehicle line for each market will be announced in the future.
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