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GM expects to see 100% more cars sold in China over next 5 years
By Jin Jing |
April 9, 2009, Thursday
|
Print Edition
Print Edition
General Motors Corp said it expects to double its sales in China to 2 million units over the next five years as it continues to expand its product offering and capacity despite the risk it might file for bankruptcy protection in the United States.
"It (the sales goal) sounds somehow ambitious," said Kevin Wale, president of GM China. "China remains the most important growth market in the world for us. Despite all the challenges in the year going ahead, we will work very hard to maintain our leadership in China."
GM plans to introduce 30 brand new or revamped models in China in five years, including five vehicles each under its Buick and Chevrolet brands by 2011.
The expansion strategy would also be in research and development in new energy vehicles, auto finance and On-Star on-board information services, Wale added.
The Obama administration's auto task force has rejected GM's February 17 plan to restructure and asked new Chairman and CEO Fritz Henderson to carry out quicker and deeper restructuring before getting another US$16.6 billion in federal aid. It funded another 60 days for GM before deciding whether the ailing auto giant would file for bankruptcy protection.
Analysts earlier said GM's weak financial capability may delay new models in China while letting rivals catch up.
"It (the sales goal) sounds somehow ambitious," said Kevin Wale, president of GM China. "China remains the most important growth market in the world for us. Despite all the challenges in the year going ahead, we will work very hard to maintain our leadership in China."
GM plans to introduce 30 brand new or revamped models in China in five years, including five vehicles each under its Buick and Chevrolet brands by 2011.
The expansion strategy would also be in research and development in new energy vehicles, auto finance and On-Star on-board information services, Wale added.
The Obama administration's auto task force has rejected GM's February 17 plan to restructure and asked new Chairman and CEO Fritz Henderson to carry out quicker and deeper restructuring before getting another US$16.6 billion in federal aid. It funded another 60 days for GM before deciding whether the ailing auto giant would file for bankruptcy protection.
Analysts earlier said GM's weak financial capability may delay new models in China while letting rivals catch up.
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