In China, General Motors Co. expects to sell more than 2 million cars in 2010, and more than 3 million vehicles in 2015. GM is confident that it will be able to hit these targets in the world's largest auto market.
Kevin Wale, president and managing director of GM's China operations, said last Monday that GM has plans to release 25 new or upgraded models in China in 2010 and 2011.
GM's competitors in China and abroad include Volkswagen AG as well as other global giants. In a briefing with reporters, Wale said that GM is "very bullish" about the long-term growth. He said that GM has identified very strong underlying demand across most demographic segments and most income segments across China.
The global auto industry considers China to be a bright spot during this recession. China's dominance has largely been due to Beijing's stimulus measures, including aggressive tax incentives for purchases of small cars.
GM, which operates manufacturing ventures with SAIC Motor Corp. and FAW Group, has benefited greatly from those policy incentives.
In fact, GM's sales in China during the first quarter of 2010 nearly match its full-year sales in 2005. Last year, the markets in China and the US reversed places, with China taking the top spot.
Wale said that for 2010, he expects the sales gap between China and the US to widen. GM is the only carmaker on track to sell over 2 million vehicles in China for the year.
Wale revealed that GM has been expanding capacity at its existing China facilities in the past few months to meet the strong demand. [via autonews]