GM sees Chinese sales soar as it looks to the future 7th January 2005

The world's biggest automotive firm says that it is planning to ramp up its Chinese operations, as sales in the region continue to grow.

General Motors says that its 2004 figures saw sales in China rise by more than 27 per cent, and has detailed plans for ten new models during this year.

Phil Murtaugh, chairman of the General Motors China group, said that the figures "represented a solid year".

Acknowledging the "overall slowdown in the growth of the vehicle market in mid-2004", he said he was particularly pleased with the impact of new products and the solid sales.

He added that the firm was now seeking to develop the market further, identifying a key role for GM in "the long-term development of China's passenger car and commercial vehicle market".

"We continue to look to the future by increasing our investment both on our own and with our strategic partner SAIC," he added.

GM plans to invest more than $3 billion over the course of the next three years if the Chinese government grants approval.

The Chinese car market is the world's fastest growing market, with sales continuing to climb despite a gradual slowdown in the rapid rate of growth.


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