GM drives Cadillac to grab rivals' share
By Richard Fu |
April 24, 2012, Tuesday
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Print Edition
Print Edition
GENERAL Motors Co aims to roll out one Cadillac model in China annually through 2016 to grab market share of the country's premium sector from German peers, including Volkswagen's Audi.
Asked by a reporter if GM would cooperate with Chinese partner SAIC to produce Cadillacs locally instead of importing them, Chief Executive Dan Akerson said "yes." He didn't elaborate.
Cadillac's sales in China surged 73 percent last year to 30,000 units.
As Chinese consumers become more wealthy, global automakers are banking on China to maintain growth in their premium auto offerings, a sector which commands higher profitability, to counter an overall slowdown in the industry.
"Given its huge population base, China is sure to overtake the US" as the world's largest luxury car market, said Lu Zhengyu, managing director for China of Japanese luxury car maker Infiniti. He added that local production is key to ensure growth.
The Infiniti unit of Japan's Nissan has unveiled plans to start production in China in 2014.
Separately, Akerson said GM may reach a deal "over the near term" with SAIC to buy back a 1 percent stake that would allow both firms to be equal partners in their joint venture.
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