Shanghai invites GM to boost investment, R&D in city

SHANGHAI/BEIJING (Reuters) -Shanghai has invited General Motors to boost investment and research and development in the city, the city government said on Wednesday.

Shanghai looked forward to General Motors bringing more high-end products and cutting-edge technologies to the sixth China International Import Expo this year, the government cited Shanghai’s Communist party secretary Chen Jining as saying during a meeting with GM’s chairwoman Mary Barra.

Barra’s visit to Shanghai, her first since the COVID-19 outbreak, came as the U.S. automaker is struggling with a sales slump in China, the world’s largest auto market, due to its slow pace in introducing new electric vehicle (EV) models.

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

GM said in November it would roll out more than 15 new EVs in China and build EV production capacity to more than 1 million units by 2025.

(Reporting by Shanghai and Beijing Newsroom; Editing by Bernadette Baum)