Shanghai, June 22 (Gasgoo.com) Hotai Motor Co. plans to build an auto investment company in Shanghai, mainland China in July 2010, aiming to improve its business development in the mainland, media reported today.
The Taiwan auto market once had the best annual sales of 500,000 vehicles. However, the strong sales did not last long. In 2009, it reported annual sales of less than 300,000 units, Hotai Motor's representative, Lin Yingwen said.
The Taiwan auto market has been shrinking dramatically in the recent years. Hotai Motor certainly will turn to the mainland market to develop business. The related procedures of the new company are underway and it is expected to be set up next month, Lin added.
Hotai Motor sold 111,000 units in Taiwan in 2009 gaining a market share of 38%, which also gave the company the seventh best sales in the local market.
The Taiwan-based automaker is a local agent of Toyota and Lexus as well as the long-term No.1 car dealer in Taiwan, whose main business scope includes auto sales and service. Hotai Motor Co, recently raised new-car sales forecast to 270,000 this year on the island.
Apart from Hotai Motor, Taiwan's Yulon Motor and other local automakers are all making plans to enter the Chinese mainland auto market to seek further development.
