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GM raises forecast for China sales
By Liza Lin |
March 7, 2009, Saturday
|
Print Edition
Print Edition
GENERAL Motors Corp, the biggest overseas auto maker in China, has raised its forecast for the nation's auto sales this year after the government took steps to spur demand.
Industry-wide sales may grow between 5 percent and 10 percent this year, compared to an earlier forecast of less than 3 percent, GM Asia Pacific President Nick Reilly said in Shanghai.
China's auto policies have helped temper decline in vehicles sales, enabling the country to surpass the United States as the world's biggest auto market for the first time in January.
The government also plans to introduce incentives to spur sales in the country and to develop a market for second-hand cars and rentals, Premier Wen Jiabao said at the legislature's annual meeting in Beijing.
"China this year has started quite strongly," Reilly told Bloomberg News. "Some of this is a direct result of some of the government initiatives, and others is because consumer confidence is returning."
The rural sales push has particularly benefited GM's SAIC-GM-Wuling Automobile Co venture, the largest minivan maker in China, he said.
Industry-wide sales may grow between 5 percent and 10 percent this year, compared to an earlier forecast of less than 3 percent, GM Asia Pacific President Nick Reilly said in Shanghai.
China's auto policies have helped temper decline in vehicles sales, enabling the country to surpass the United States as the world's biggest auto market for the first time in January.
The government also plans to introduce incentives to spur sales in the country and to develop a market for second-hand cars and rentals, Premier Wen Jiabao said at the legislature's annual meeting in Beijing.
"China this year has started quite strongly," Reilly told Bloomberg News. "Some of this is a direct result of some of the government initiatives, and others is because consumer confidence is returning."
The rural sales push has particularly benefited GM's SAIC-GM-Wuling Automobile Co venture, the largest minivan maker in China, he said.
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