SHANGHAI, (Xinhua) -- Shanghai GM, a joint venture between SAIC Motor and General Motors, said on Monday that it will invest 100 billion yuan (16 billion U.S. dollars) between 2016 and 2020.

At the Shanghai Auto Show, the company announced 10 new models each year during the five-year period. At least 10 of which will be new energy vehicles

In its 2020 strategy, it plans to have a more than 10 percent share of the world's largest auto market with 40 product lines.

By 2020, it also plans to cut fuel consumption in its vehicles by 25-30 percent. Consumption has already been cut by 13.5 percent from the 2009 level.