(Reuters) -- Shanghai General Motors Co. Ltd., a joint venture between the American General Motors Co. and the Chinese SAIC Motor Corp. Ltd. plans to spend 100 billion yuan ($16.14 billion) over the next five years to develop new vehicles, Shanghai GM President Wang Yongqing said Sunday.

The business aims to launch 10 “new-energy models” as it seeks to establish a 10 percent share of the Chinese market, Wang told reporters ahead of the Auto Shanghai 2015 exhibition, whose associated events get under way Monday.

(Reporting by Jake Spring; Editing by Lee Chyen Yee and David Goodman)