GM China expects 40% sales growth in 2009
US auto giant General Motors, adversely hit by global financial crisis, expects more than 40 per cent rise in its sales in China on year-on-year basis, in the midst of signs of recovery in the global market.
GM China reported a 49.6 percent increase in sales, selling 1,111,401 units during the first eight months of the current financial year. The high demand was backed by overwhelming response to Buick and Chevrolet models, developed by Shanghai GM, a joint venture with the Shanghai Automotive Industry Corporation.
GM sold 152,365 units in August, setting a new record of sales, reporting a whooping 112.7 percent sales growth. GM China Group President and Managing Director, Kevin Wale said: "We are now looking at (an overall China) market of 11.5 to 12 million vehicles, up from 9.1 million units last year. We expect GM sales for the year as a whole to rise by more than 40 percent from 2008."
The automaker, however, is not doing well in its home in United States, the biggest market of the company. GM's sale in the US declined 20 per cent in August and 35 per cent on year-on-year basis.