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GM on track to double China sales by 2015

Reuters reported that General Motors is on track to double its annual tally to 5 million vehicles in China by 2015 despite slowing growth in the world's largest auto market.

GM which competes in China with Volkswagen AG among other global brands has been outperforming the market so far this year due in part to hot-selling Buick and Chevrolet cars made at Shanghai GM, its flagship China car venture.

Mr Kevin Wale president and managing director for GM's China operation said "We still have our plan in place to double our volume by 2015 and we are still working toward that."

He said that "We will have some down years and we will have some up years, but we think the fundamentals are still very strong. He added that there is still going to be substantial growth in the China market on a trend basis and we still think it will grow between some 7% to 10% per year in the foreseeable future."

He expected passenger car sales to grow about 10% this year with the overall market gaining 3% to5%.

Mr Wale said he did not have a specific target for exports but would continue to look for opportunities. He said that "We export only if we have a product. When we find that we have a unique product and there is an opportunity in distribution processes around the world, we take advantage of it."

He said that to reach its 2015 China target, GM aims to introduce some 60 new and upgraded models in the country during the period about 12 of them being Buicks and 15 Chevrolets.

In October, GM which operates auto manufacturing ventures in China with SAIC Motor Corp and FAW Group sold 220,412 vehicles in the country up by 10.4%YoY. The company expects sales for the full year to grow as much as 10%.

Sourced from Reuters

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