GM sees SUVs and MPVs to propel gain
Print Edition
GENERAL Motors expects China’s auto market to grow 3-5 percent annually through 2020, with 80 percent of the growth to come from sport-utility vehicles, multi-purpose vehicles and luxury segments — the bright spots in last year’s market downturn.
GM revealed that 60 new and refreshed car models will be released in the country over the next five years, starting with 13 this year, the company said in yesterday’s announcement of its latest five-year plan. Up to 40 percent will be SUVs and MPVs. There will be 10 product launches for Cadillac, GM’s sole luxury brand.
The segments GM is focusing on are the ones which grew by double digits last year even as the overall Chinese auto market expanded by just 5 percent.
This slow growth situation is due to China’s market maturing, but it still offers 5 million units in additional sales — as big as Australia’s market, said Matthew Tsien, executive vice president of GM and president of GM China.
GM’s China strategy also includes new-energy vehicles, with 10 plug-in hybrids and pure electric cars to be added to its Buick, Chevrolet, Cadillac and Baojun brands.
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