Gasgoo.com (Shanghai November 25) - Shanghai General Motors, one of China's largest joint venture partnerships, has set a sales target of 1.45 million vehicles for 2013, China Business News reported today. The target was announced by Shanghai GM General Manager Ye Yongming on the floor of the ongoing Guangzhou International Automobile Exhibition, who added that the JV is set to complete its 1.38 million sales goal for this year. Shanghai GM has sold a total of 1.14 million vehicles over the first ten months of this year.
The Buick Encore SUV (pictured) and the next generation Cadillac XTS are expected to be key models for Shanghai GM in 2013. Annual updates to the Buick Lacrosse and Regal are also scheduled to be released next year.
Following reorganization of its product line, Shanghai GM has seen its overall profits grow. According to a study conducted by Pingan Securities Analyst Wang De'an, Shanghai GM's profits will probably continue to grow over the fourth quarter of the year.
2012 has been a relatively difficult year for Shanghai GM. According to Deputy General Manager Cai Bin, the old age of the JV's key models, the Buick Regal and Lacrosse, caused its sales to suffer. Policies restricting new vehicle registrations in Guangzhou and overall poor market conditions further hindered the JV's sales. "Having to complete the 1.38 million vehicle [sales] target was especially difficult for our sales staff," Mr. Cai commented.
