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March 8, 2010

CHINA: SAIC sees 2010 growth much lower

SAIC Motor Corp expects sales to increase over 10% this year, sharply lower than its 2009 growth as the Chinese market slows.

SAIC Motor Corp expects sales to increase over 10% this year, sharply lower than its 2009 growth as the Chinese market slows.

SAIC, China’s biggest automaker and General Motors and Volkswagen joint venture partner in China, is likely to sell at least 3m vehicles this year, president Chen Hong told Reuters.

The company expects to launch at least four of its own-brand models during the year, including an SUV and two MG models, he said.

Growth of 10% this year would contrast with 57% in 2009 – when SAIC sold 2.72m vehicles –  but would be in line with broader market growth, Chen added.

“Considering the explosive growth seen in the domestic automobile market in 2009 and based on a prudent estimate for 2010, we expect the Chinese car market sales to still increase by over 10%, exceeding 15m in 2010,” he said. Passenger car sales in China jumped 52.9% in 2009, helped largely by government incentives.

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