TUESDAY, JANUARY 21, 2003
GM's China sales jump over 300%
REUTERS
SHANGHAI: General Motors said on Monday its China ventures sold 264,101 vehicles in 2002, a 325 per cent surge from 2001, and intends to launch at least four models in the world's fastest-growing auto market this year.
Part of the stunning rise is due to GM's acquisition last year of a mini-vehicle manufacturer in southern China, whose sales were included by the US auto titan in its overall figures.
Sales at GM's original car plant in Shanghai leapt 90 per cent to 110,763 sedans and executive wagons in 2002, giving GM close to nine per cent of the market for passenger cars, the world's largest automaker said in a statement.
"Growth potential remains enormous in China. We will respond with an unprecedented series of product launches and continue to seek additional opportunities," Phil Murtaugh, chairman and chief executive officer of GM China, said in the statement.
GM now has an overall share of 7.7 per cent of China's vehicle market, up from a mere 2.7 per cent in 2001, the company said.
Jinbei GM, the US giant's truck-making venture in the northeastern city of Shenyang, saw sales soar 110 per cent in 2002, although GM gave no precise sales figure.
"Jinbei GM is on track for an even better year in 2003," GM said, adding it would introduce a 3.0-liter engine version of the Chevrolet Blazer sport utility vehicle that the plant makes.
A GM spokeswoman said the price of the new model, which adds to the Blazer's 4.3-liter and 2.4-liter engine versions, had not been fixed yet as it would not be launched until March.
Last year, GM acquired a mini-van and mini-truck venture, SAIC-GM-Wuling, which it said sold 146,736 vehicles in 2002. No comparison figure was given.
Global giants such as Toyota and Volkswagen are looking to expand in China, a market which has blossomed in recent years alongside rising incomes.
Volkswagen, China's leading automaker, has about 40 per cent of the passenger car market. Its vehicle sales jumped about 40 per cent in 2002 to about half a million.
Many are gearing up for a pitched battle with auto sales forecast to rise steadily. China had only 1.5 cars per 1,000 people in 2001, far below the global average of more than 90.
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