SAIC Motor hopefully to realize 08 sales goal

SAIC Motor Corporation Limited (SHSE: 600104), a flagship subsidiary of car giant Shanghai Automotive Industry Corporation (Group) (SAIC), will probably realize its sales goal for 2008.

The Shanghai-listed company, which aimed to sell over 1.9 million cars this year, sold 990,000 cars during the first half of the year, up 17.6% compared with the same period of 2007.

The company, which merged its domestic rival Nanjing Automobile (Group) Corporation as well as foreign carmakers like Ssangyong Motor Company of South Korea and MG Rover Group Ltd. of the UK, is accelerating restructuring these companies and launching new car models.

The company with a full product lineup ranging from mini car to heavy-duty vehicles is also speeding up expanding international markets and developing new-energy cars.

Its two ventures Shanghai General Motors Co., Ltd. and Shanghai Volkswagen Automotive Co., Ltd. are going smoothly in the business of hybrid cars. For instance, Buick LaCROSSE hybrid hit the market on July 15 this year with sales of 300 until now and Roewe hybrid will also be launched.