SAIC-GM-Wuling aims to sell 1 mln vehicles in '10

Shanghai, June 19 (Gasgoo.com) SAIC-GM-Wuling Automobile, General Motors' mini-commercial vehicle venture in China, saw its monthly sales exceed 100,000 vehicles for the first time in May this year, and expects its full-year sales to reach one million units in 2010, Nanfang Daily reported today.

Since its founding in 2010, SAIC-GM-Wuling has grown four-fold in its sales of vehicles and six-fold in sales revenue. As its sales have become notably stronger, the joint venture's annual sales are expected to hit one million vehicles next year, which urges the company to increase its production capacity.

SAIC-GM-Wuling sold more than 100,258 vehicles in May, compared with 95,544 units in April. Total sales of the first five months came to 442,000 units, rising 49% year on year and nearing 70% of its sales in 2008, according to a statement of GM China.

As GM's joint venture with SAIC Motor and Wuling Automobile Co., SAIC-GM-Wuling makes mini commercial vehicles of Chevrolet and Wuling brands. The venture has benefited from government stimulus measures in place since January for boosting small vehicle sales.

In late April, SAIC-GM-Wuling raised its vehicle sales goal for 2009 to at least 800,000 units, up from previously targeted 750,000 units. At the sales growth rate of the first five months, this goal could be over-fulfilled at more than 850,000 units.

GM would be "happy" to increase its 34% stake in the three-way commercial vehicle joint venture, said GM Asia President Nick Reilly earlier this month. About two-thirds of GM China sales are now achieved by SAIC-GM-Wuling.