PSA Peugeot Citroen's Chinese joint venture said on Monday it was targeting a 50% jump in vehicles sales over the next five years, banking on new models to attract customers.

The firm, on track to sell 200,000 vehicles this year, aimed to move 300,000 units per year by 2010, general manager Liu Dong said in a statement cited by the Reuters news agency.

That suggested a sharp slowdown from 2007 to 2010, Reuters noted, as the company had previously forecast sales would rise 43% this year alone, following a 56% gain last year.

The expected performance nonetheless remains an improvement from 2004, when it racked up RMB540m (US$67 million) in losses as sales slid 13% to 90,000 units, hit by government measures to cool the economy that included a clampdown on easy car loans.

"We plan to further diversify our product portfolio in the next five years," Liu reportedly said, adding two more new models would hit the market this year after the Peugeot 206 [sedan] rolled out in January.

Car sales in China, the world's third-biggest vehicle market, grew 21.4% last year, picking up from a relatively slow 15% growth in 2004, Reuters added.