SAIC Motor sees 2010 sales above industry growth

Top Chinese carmaker SAIC Motor is targeting sales next year to exceed the industry's estimate of 12-15 percent growth, the company's chairman said on Friday.

"China's car demand should be higher next year. Previously the growth was coming from the big cities. Now the growth is coming from small and medium cities," Hu Maoyuan told Reuters on the sidelines of an APEC summit in Singapore.

Hu said he expected SAIC to sell a total of 2.5 million cars next year, up from about 2 million vehicles this year, while the whole country was likely to see total sales of around 13 million cars next year.

After experiencing moderate growth in 2008, SAIC's vehicle sales jumped roughly 26 percent to 1.39 million units in the first five months, as Beijing's stimulus policies drew buyers back into showrooms, data from the company showed.

When asked if SAIC would be manufacturing BMW's 7 series sedan in China, Hu said discussions were still going on.

"I don't think a decision would be reached so soon," he added.

Last week, SAIC shares surged after a local Chinese newspaper reported that the firm was in talks with BMW to locally produce the German company's 7 series model in China, citing unidentified sources.