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April 12, 2010

CHINA: GM confident on China prospects

GM remains extremely confident about its prospects for growth in China in the medium-term, expecting to sell more than 3m vehicles annually in China by 2015.

GM remains extremely confident about its prospects for growth in China in the medium-term, expecting to sell more than 3m vehicles annually in China by 2015.

GM – which has China joint ventures with SAIC and FAW – expects to sell more than 2m vehicles in high-growth China this year.

Kevin Wale, GM’s China manager, has also told reporters that GM plans to roll out 25 new or upgraded models in China in 2010 and 2011.

“We are very bullish about the long-term growth. We have seen very strong underlying demand across most demographic segments and most income segments across China,” Wale told a journalists’ briefing.

GM is said to be considering adding new capacity with a new plant in China as it continues to benefit from government incentives that have boosted demand for its locally made cars.

Vehicle sales in China climbed 55.6% from a year earlier to 1.74m units in March, according to the the China Association of Automobile Manufacturers (CAAM ).  Although some slowdown is expected later this year, many analysts believe that growth for the year will be in the region of 10%.

JD Power says that light-vehicle sales in China are expected to reach 14m units in 2010, an increase of 8% from 2009. This is a conservative estimate based on the current selling rate, JD Power says.

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