Shanghai GM plans to sell 1.45 million vehicles next year, according to China Business News.
Shanghai GM General Manager Ye Yongming confirmed the target for 2013 on the floor of the ongoing Guangzhou International Automobile Exhibition. He also added that the joint venture, which is one of China’s largest JV partnerships, is set to reach this year’s target of 1.38 million. During the first ten months of the year, Shanghai GM has sold 1.14 million vehicles.
The JV relies on the Buick Encore SUV and the next generation Cadillac XTS to reach its 2013 sales target, besides the updated Buick Lacrosse and Regal, which will also be released next year. After the company reorganized its product line, its overall profit has increased and Pingan Securities Analyst Wang De’an expects profits to continue to go up in the fourth quarter too.
According to Deputy General Manager Cai Bin the JVs sales this year were affected by the fact that the company’s key models are quite old, such as the Buick Regal and Lacrosse, plus the poor market conditions and the Guangzhou policies restricting new vehicle registrations.
“Having to complete the 1.38 million vehicle [sales] target was especially difficult for our sales staff,” Mr. Cai commented.