U.S. Markets closed

News Summary: GM breaks ground on China plant

The Associated Press

NEW PLANT: General Motors Co. executives broke ground for a $1.3 billion Cadillac factory in China to target luxury buyers in the world's biggest auto market.

LUXURY SALES: Company leaders said the luxury segment would grow by 4 percent this year, about half the rate expected six months ago. But they are optimistic about long-term growth, and plan to expand Cadillac's dealer network to 200 by the end of the year from 69 at the end of 2012.

TBA: The executives did not say which models would be produced at the plant, which will have a capacity of 160,000 vehicles a year. Currently only one Cadillac model, the XTS sedan, is made in China.