General Motors will invest $5 billion in a new Chevrolet-branded vehicle family for Brazil, China, India, and Mexico, the automaker has announced.

GM will jointly develop the vehicle family with SAIC Motor, a company that already partners with the automaker. The two entities will develop the vehicle family's core architecture and engine. The new vehicle family will replace several existing vehicles that have yet to be identified. The move helps GM further consolidate vehicle platforms.

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, according to a GM release.

In addition to the four markets, vehicles will also be exported for sale to other important growth markets. There are no plans to export the vehicles to mature markets such as the U.S.

A high level of localization of parts suppliers should drive significant savings over the life of the program. The program is expected to grow to more than 2 million vehicles annually with the first entry planned for the 2019 model year.