GM, partner spending $16 billion in China

General Motors, which for years has counted on China as its big ticket to growth, plans to invest $16 billion with its joint partner in a bid for higher market share in the Asian nation.

Shanghai GM, as the joint venture with SAIC is called, hopes to hit 10% market share within five years, Bloomberg News reports. The $16 billion will go into a creating a new line of 10 energy-saving models.

GM's lineup in China includes Buick and Cadillac as well. The announcement came in conjuntion with the Auto Shanghai show, where GM is showing off its latest models and concepts.

Even though sales have slowed a bit from the breakneck pace of the past for all automakers in China, GM CEO Mary Barra is still a big believer, according to Bloomberg. She says China is still a growth driver for Detroit's largest automaker.