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News Summary: GM China venture plans $1B plant
Thursday - 11/29/2012, 11:24am EST
(AP) - IN GEAR: General Motors and its joint venture partners in China will spend 6.6 billion yuan ($1 billion) to build a third car plant to keep up with demand in the world's biggest auto market.
GOAL-DRIVEN: The plant can make 400,000 vehicles and engines a year. It will help the joint venture reach its goal of producing 2 million vehicles a year in China by 2015.
CAR CRAZY: China has been the world's biggest auto market by vehicles sold since 2009, when it surpassed the U.S. Some 18.5 million vehicles were sold in China last year.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)