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NINETY EIGHT REGENCY

GM sees China sales above 3M vehicles in 2015

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GM sees China sales above 3M vehicles in 2015

April 12, 2010 06:01 CET

SHANGHAI (Reuters) -- General Motors Co. expects to sell more than 3 million vehicles in China in 2015, confident of continued growth in the world's largest auto market where it has said it would sell more than 2 million cars this year.

GM, which competes with Volkswagen AG and other global giants in China as well as abroad, also plans to roll out 25 new or upgraded models in China in 2010 and 2011, Kevin Wale, president and managing director of GM's China operations, said on Monday.

"We are very bullish about the long-term growth. We have seen very strong underlying demand across most demographic segments and most income segments across China," Wale told a briefing for reporters.

China has been a bright spot in the global auto industry downturn due in large part 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 been a major beneficiary of those policy incentives. Its China auto sales in the first quarter of this year nearly matched its full-year sales in 2005.

Wale said he expected the auto sales gap between China and the United States to widen this year, after the two markets reversed places last year and China took the top spot, with GM alone on target to sell more than 2 million vehicles in China for the year.

GM has been expanding capacity at its existing China facilities in the past several months to meet robust demand, Wale said,

He added that the company was still considering the possibility of building a new greenfield plant in China but had not yet made any final decision on the details.

He said GM's joint venture with SAIC to explore the India market expected to roll out its first vehicle in that country in 2011.

Read more: http://www.autonews.com/article/20100412/ANE/304129937/1131#ixzz0ktizR8kx

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Automakers can't accurately predict their sales levels next month let alone 5 years from now. Fluff piece.

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