GM expects China sales to surpass 3 million units; Cadillac to grow 40% image

The No. 1 US automaker’s China President, Matthew Tsien, forecast that the various brands within the group would tally once more above the 3 million vehicles mark this year.

The record figure is expected for the second year in a row, a feat that is nevertheless insufficient to secure again the first place among foreign brands in China, an honor lost to Germany’s Volkswagen.

Nevertheless, Tsien said the carmaker is confident it would grow even further, with luxury, SUV and compact cars being GM’s main focus segments locally. The executive also said the automaker stands by its previous goal of bringing 60 new and upgraded models through 2018 in China.

“Cadillac certainly has momentum here in this country. We believe the luxury market here will become the largest in the world in 2016,” commented Tsien.

The compact car market is also the largest segment in the world’s biggest auto market, with Tsien announcing during a media event in Shanghai that GM’s cumulative sales in China have now crossed the 20 million units mark.

For Cadillac, the top official forecasts the brand’s total sales for 2014 would surpass 70,000 vehicles, growing from last year’s 50,000 figure. GM also plans to invest in China at least $12 billion through 2017 to fund its aggressive expansion plans.

Via Reuters