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GM aims to double China sales
Beijing (AFP) April 9, 2009 Embattled US auto maker General Motors said Thursday that it was aiming to double its sales in China over the next five years and had "abundant cash" to finance production expansion to that end. "We are very confident that we can double our sales in five years, as we have got very good plans to introduce new products and (expand) production capacity," Sophia Luan, GM China's Shanghai-based spokeswoman, told AFP. The company expects to boost sales in the country to more than two million vehicles over the next five years and launch over 30 new or upgraded models during the period, including five more Buicks and five more Chevrolets. Detroit-based GM Corp is on the verge of bankruptcy due to plunging sales at home and in other markets. In the United States it has received 13.4 billion dollars in federal bailout funds and has until June 1 to submit a restructuring plan to the US Treasury as part of a request for more government loans and avoid bankruptcy. Former CEO Rick Wagoner was recently ousted and replaced by Fritz Henderson on White House orders. However, sales in China have remained buoyant and the firm, together with its Chinese joint ventures, set a new company monthly record in March of 137,004 units sold, up 24.6 percent from a year ago. "Therefore we are still profitable and have abundant cash so we can afford production expansion," said Luan. "We have sufficient funding for all the investment we have committed to and for the investment in future expansions to double sales," she said. While cutting capacity in the United States, GM in December opened a new joint venture factory in the northeastern Chinese city of Shenyang that was expected to soon begin mass production of the compact Chevrolet Cruze. The company is also in talks with China's FAW Group to form a partnership to set up a light commercial vehicle joint venture, according to Luan. China's car sales hit a monthly record of 1.08 million units last month, outstripping the United States as the world's largest market for a third month running on the back of government incentives to boost domestic consumption. These measures included slashing purchase taxes on small vehicles and subsidising buying alternative energy vehicles. In 2008, GM sold more than 1.09 million vehicles in China, 6.1 percent higher than 2007. Share This Article With Planet Earth
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Beijing extends post-Olympics car rules: report
Beijing (AFP) April 6, 2009Beijing has extended its post-Olympics traffic control measures for one year after a successful initial effort at easing road congestion and curbing pollution, state media reported Monday. |
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