General Motors will launch 17 new or updated models in China this year as it seeks to maintain dominance in the world’s largest car market, the automaker’s China president Bob Socia said.
GM’s vehicle sales in China rose an annual 11.3% last year to a record 2.84m, according to the company.
Go deeper with GlobalData
“This year we’re going to roll out 17 new or refreshed models in China,” GM China president Bob Socia said, according to news agency AFP.
GM has already launched the Cadillac XTS in China this year as it seeks to make inroads into the luxury sedan market.
Other models to be launched this year include updates of the Buick LaCrosse and Excelle, as well as three Opel models, Socia said.
China’s auto market could reach 30-35m vehicles in the next decade on the back of steady economic growth and an expanding population, he said. “The growth in this country has just been unprecedented.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataChina’s car sales reached 19.31m vehicles in 2012, a 4.3% rise from 2011, according to the China Association of Automobile Manufacturers.
But Socia said despite continued growth, competition was fierce.
“There’s lots of competition here and everyone wants a piece of this pie,” he said. “As competitive as it is, it’s probably the only market in the world that offers the types of opportunities that this market offers.”
Analysts told AFP GM is lagging in China’s luxury segment which is dominated by German brands. Audi, BMW, Mercedes and Volkswagen hold a combined 80% share.
The luxury segment is one of China’s fastest growing and most profitable, given rising incomes in the country.
“Lincoln and Cadillac have a lot of catching up to do,” said Namrita Chow, Shanghai-based senior analyst for IHS Automotive.
“They’re coming in rather late and they’ve got to start from scratch almost,” she said.
