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Shanghai GM yesterday announced that its unit sales are expected to increase by more than a fifth next year following robust growth this year. Meanwhile, it rolled out a revamped Buick sedan yesterday to race head-to-head against its more down-market competitors in the world's fastest-growing auto market.
The company will sell more than 110,000 units this year, more than double the number from a year ago. The announcement was made by Shanghai GM President Chen Hong yesterday at the company's launch of a 3.0-litre Buick Regal sedan.
The Regal's price ranges from 338,000 yuan (US$40,723) to 369,000 yuan (US$44,458), according to Shanghai GM.
"The launch of the Regal is another important step for us in meeting the fast-growing high-end car market in China, Chen said.
Shanghai GM will also launch the 2.0 and 2.5-litre Regal next February. But it has not revealed the price.
According to Chen, the joint venture has stopped production of its existing Buick sedans.
Analysts predict competition in the Chinese high-end car market will heat up next year as more new models are launched.
Guangzhou Honda, Japan's Honda Motor Co's joint venture in China, announced earlier this month that it will produce a new American-developed Accord sedan next month. The Accord will be equipped with a 2.4-litre engine.
Chen said Shanghai GM plans to produce 45,000 to 48,000 Regals next year.
The company has moved production of its Sail compact car into a newly-acquired plant in Yantai, East China's Shandong Province.
(Edited from China Daily December 27, 2002)
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