Great Wall, Geely lower their sales target

Shanghai. September 18 (Gasgoo.com) Great Wall Auto and Geely Auto, China's two home-grown automakers, have lowered their sales targets this year, Chinese media reported today.

In its H1 report, Great Wall said the company had cut its annual sales target to 110,000 units from the original 120,000 units made at the beginning of the year. The company said the cut on sales target was partly because of a delay in launching a new sedan model in August and partly because of sluggish market for small-displacement SUVs.

Geely lowered its annual sales target from 240,000 units to 190,000 units, a decrease of 21 percent. Geely's sales cut was due to a stagnant small-displacement sedan market. Small-displacement vehicles has seen a stagnant market because of unfavorable government policies and competition pressure from joint venture brands.