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News Summary: GM China venture plans $1B plant

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The Associated Press | November 29, 2012 11:37 AM 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.