Chevrolet to invest $5 billion in new models

American car maker, Chevrolet has announced today it will be investing $5 billion to strengthen its business in global growth markets - including India - 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.”

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. 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.”

General Motors India will make an announcement today in the capital for more information on the Indian market and Chevrolet's plans.