July 28, 2015
Chevrolet Strengthens Position in Growth Markets
with $5 billion Investment
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All-new vehicle family tailored to local customer requirements
General Motors and SAIC Motor partnership further enhanced
DETROIT – Chevrolet announced today it is investing $5 billion to strengthen its
business in global growth markets through the development of an all-new vehicle
family that will meet the rapidly changing demands of customers in these markets.
“With a significant majority of anticipated automotive industry growth in 2015 to
2030 outside of mature markets, Chevrolet is taking steps to capitalize on that
growth,” said General Motors President Dan Ammann. “Strengthening Chevrolet’s
position through this major investment is consistent with our global strategy to
ensure long-term profitable growth in the markets where we operate.”
By creating one all-new vehicle family to replace several existing vehicles, Chevrolet
expects to substantially improve competitiveness and profitability by delivering what
customers expect in each market while taking maximum advantage of the benefits
of global scale.
“This new vehicle family will feature advanced customer-facing technologies focused
on connectivity, safety and fuel efficiency delivered at a compelling value,” said Mark
Reuss, GM executive vice president, Global Product Development, Purchasing and
Supply Chain. “It will be a combination of content and value not offered previously
by any automaker in these markets that are poised for growth.”
GM has further expanded its successful partnership with SAIC Motor through an
agreement to jointly develop the vehicle family core architecture and engine, which
it expects will result in significant development cost savings and optimized total
vehicle cost. The program represents another important step in GM’s previously
stated architecture consolidation plan.
The vehicle family is being developed by a multinational team of engineers and
designers assigned to ensure each entry is tailored to meet the expectations of
customers in each market. Vehicles will be manufactured and sold in several markets
including Brazil, China, India and Mexico, and exported for sale to other important
growth markets. There are no plans to export the vehicles to mature markets such
as the United States. A high level of localization of parts suppliers should drive
significant savings over the life of the program. The program is expected to grow to
more than 2 million vehicles annually with the first entry planned for the 2019 model
year.
“We have taken many decisive actions over the past few years to restructure our
business in specific markets as part of our plan to become a more customer-focused
company and to generate superior returns on our owners’ capital,” said Ammann.
”This growth initiative is the next important step toward our goal of building the
world’s most valued automotive company.”
More information on the investment plans and all-new vehicle family will be
announced in the future in each market.
About Chevrolet
Founded in 1911 in Detroit, Chevrolet is now one of the world's largest car brands, doing
business in more than 115 countries and selling around 4.8 million cars and trucks a year.
Chevrolet provides customers with fuel-efficient vehicles that feature engaging performance,
design that makes the heart beat, passive and active safety features and easy-to-use
technology, all at a value. More information on Chevrolet models can be found
at www.chevrolet.com.
About General Motors Co.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries,
and the company has leadership positions in the world's largest and fastest-growing
automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the
Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands.
More information on the company and its subsidiaries, including OnStar, a global leader in
vehicle safety, security and information services, can be found at http://www.gm.com.
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CONTACT:
Dave Roman
GM Communications
313-498-1735
dave.roman@gm.com
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,”
“plan,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,”
“would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to
identify forward-looking statements that represent our current judgment about possible future events.
We believe these judgments are reasonable, but these statements are not guarantees of any events or
financial results, and our actual results may differ materially due to a variety of important factors. Among
other items, such factors might include: our ability to realize production efficiencies and to achieve
reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to
maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain
adequate liquidity and financing sources and an appropriate level of debt, including as required to fund
our planned significant investment in new technology; the ability of our suppliers to timely deliver parts,
components and systems; our ability to realize successful vehicle applications of new technology; and
our ability to continue to attract new customers, particularly for our new products; costs and risks
associated with litigation and government investigations including those related to various recalls; our
ability to negotiate a successful new collective bargaining agreement with the UAW and avoid any costly
work stoppage. GM's most recent annual report on Form 10-K and quarterly reports on Form 10-Q
provides information about these and other factors, which we may revise or supplement in future reports
to the United States Securities and Exchange Commission.