SAIC lifts sales target of own-brand vehicles

Shanghai, November 25 (Gasgoo.com) China's top automaker SAIC Motor Corp. aims to sell about 90,000 own-brand vehicles this year, nearly double the original target, Reuters reported yesterday, citing the company's president.

SAIC expects its sales of own-brand vehicles to double again in 2010, said its president Chen Hong, speaking at the Guangzhou auto show. "I expect that the auto market will continue growing at a fairly rapid level," he said. "We are full of confidence for 2010."

Much of the company's growth has come from China's smaller cities, he added. "This year, car sales in third- and fourth-tier cities have significantly outpaced the growth in first- and second-tier cities where a car is no longer a luxury item," Chen said.

In 2007 SAIC launched a mid-range sedan line, the Roewe, developed on the basis of technologies acquired from defunct British car maker MG Rover. From January to June, sales of its own-brand Roewe and MG cars rocketed 276% to more than 40,000 units.

SAIC Motor also plans to begin manufacturing its self-developed MG 6 saloon car, based on the acquired technology, in its UK plant at the end of next year, Chen said.

The Chinese auto giant, which operates joint ventures with General Motors and Volkswagen AG, expects to sell 2.65 million vehicles this year, up 30% from its total sales in 2008.