General Motors plans to achieve growth by 2020 with its Cadillac brand, expansion in China, and two refreshed passengers cars for the North America market to achieve growth of 10 percent operating profit, the automaker has announced.
GM's CEO Mary Barra outlined the growth plan on Oct. 1 at a media and investor event at the Milford Proving Grounds in Milford, Mich.
For 2015, General Motors plans 27 percent of its global sales volume to come from new and refreshed products. The automaker expects to see that figure reach 38 percent in 2016 and 2017. During that time, GM is planning a broad roll out of 4G LTE broadband Internet in its vehicles. The automaker has also decided to establish Cadillac as a more separate business based in New York with plans for several new vehicles including a full-size sedan.
In the North America market, GM is pinning its growth strategy partly on redesigned versions of its Chevrolet Malibu mid-size sedan and Chevrolet Cruze compact car.
In China, GM plans to open five new manufacturing plants with a $14 billion investment. The automaker hopes to sell 5 million vehicles annually in that country by 2018. In Europe, GM is planning several new vehicle launches, including the Opel/Vauxhall Corsa and Astra.