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General Motors Co and its Chinese joint-venture partners said on Wednesday they plan to build a $ 1 billion auto assembly plant in the city of Chongqing as part of its push to remain the leader in the world’s largest auto market. GM, SAIC Motor Corp <600104.SS> and Wuling Motors Holdings Ltd <0305.HK> said they will begin construction of the plant early next year pending relevant Chinese government approvals. The 6.6 billion Chinese yuan ($ 1.06 billion) first phase is scheduled to open in 2015. The plant will have an annual production capacity of 400,000 vehicles and engines, although the [...]

SAN FRANCISCO General Motors Co will soon exit one of its venture capital unit’s investments, either through an initial public offering or the acquisition of that company by another, the U.S. automaker’s chief technology officer said. GM started its venture capital unit more than two years ago with a $ 200 million budget to invest in start-up companies with promising auto-related technologies. While GM Ventures no longer provides details on how many companies it has invested in or how much it has spent, Chief Technology Officer Jon Lauckner said the automaker could exit its stake in one of its investments [...]

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