SAIC Motor Feb sales up 45% to 248,000 vehicles

Shanghai, March 10 (Gasgoo.com) China's largest automaker SAIC Motor said its vehicle sales in February rose 45% from a year earlier to 248,000 vehicles, compared with 307,384 in January when sales were up 90%, media reported.

"Slower growth in February was because of the week-long Chinese Lunar New year holiday," said an analyst. "Most people usually buy cars well before the holiday, which explains the explosive growth in January." The Chinese New Year fell in mid-Feb this year and in late-Jan last year.

Last month, sales by Shanghai GM, SAIC's flagship car venture with GM, climbed 65.7% to 58,182 units, with demand for Chevrolet models accounting for more than 40,000 of that total. SAIC-GM-Wuling sold 110,315 vehicles, up 37.7%. SAIC's venture with Volkswagen sold 60,000 vehicles.

The company's president, Chen Hong, told Reuters on Sunday that he expected sales growth this year to come in at over 10%, sharply lower than the 57% growth in 2009, as the overall market moderates from booming growth last year that was supported largely by government incentives.

SAIC Motor expects to sell at least 3 million vehicles this year, Chen said, adding that the company expects to roll out at least four of its own-brand models during the year, including an SUV and two MG models.

China's auto sales in February grew 46.3% to 1.21 million units, compared with January surge of 124% to 1.66 mln. The full-year sales growth pace is moderating and may come to 10-15%, experts said.