Guangzhou Automobile will focus more on overseas growth, according to a senior company executive.
GAC Motor Group Vice President Xiangdong Huang said that the company aims at focusing on exports, part of its 2015 plan. Huang added that as China’s domestic auto market begins to slow and the company’s commercial and passenger vehicle technology matures, it is logical that GAC Motor ‘emphasizes overseas market expansion’.
GAC Motor’s plan includes the expansion in emerging markets all over the world with the company’s affordable no-frills, gasoline-fueled cars, which are already sold in China, Latin America, Middle East and Eastern Europe. The company expects global auto sales to reach 100 million units by 2020, with more than 55% of this number to come from the emerging markets.
“Local economic growth is strong (in those markets), and trade barriers are relatively low. Chinese auto products are hopefully competitive in this type of market,” Huang said. “This will be our main target region in the next few years.”
The other part of GAC Motor’s 2015 plan is to manufacture new energy vehicles for the advanced markets, such as the US. The automaker will unveil at the Detroit Auto Show several of its “newly developed” cars, among which three green vehicles: an electric SUV dubbed Trumpchi GS5, a four-wheel-drive hybrid sedan called Trumpchi and a concept car, an electric hybrid E-jet.