Output at General Motors’ main car making venture in China will jump more than 35% to over 150,000 cars in 2003, the venture’s president, Chen Hong, said on Friday, according to Reuters.
The Shanghai GM venture with Shanghai Automotive Industry Corp (SAIC), posted sales — which tend to be very close to output in the world’s fastest growing car market — of 110,763 in 2002, Reuters said.
“Our aim this year is to produce more than 150,000 units,” Chen said. He did not elaborate, Reuters noted.
According to Reuters, car sales growth is expected to slow this year from 2002’s surprisingly strong 56%, but analysts say the market will still grow steadily because of the rising incomes of Chinese families after years of robust economic growth.