General Motors (GM) intends to more than double its sales in China to around 5 million units by fiscal year 2015, the head of the company’s China unit said on Monday.
In a briefing ahead of the Shanghai Auto Show, which launches on Tuesday, GM China chief Kevin Wale said that the automaker planned to introduce more than 60 new or upgraded models in China over the next five years — about 12 of them being Buicks and 15 Chevrolets.
Wale said GM will step up engineering, product investment and other items in China to between $5 billion and $7 billion in the next five years, as the Detroit-based co. seeks to keep the first place position it and its joint ventures enjoy in the world’s largest car market.
The 2015 target would be up from 2.35 million units sold by GM in China in 2010. In the previous two years, GM more than doubled its volume in China.[From Reuters]: “We’ve set aggressive goals with our five-year plan. We are confident that we will achieve every one of our goals,” Wale told reporters.
The automaker over the next five years plans to expand production capacity of light trucks and commercial vehicles in China to 3.7 million vehicles annually, up from the current 2.8 million capacity.
“We’ll keep on expanding facilities wherever we can,” Wale said.
Shares of General Motors are currently lower on the session by 0.76%, trading at $30.00.