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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3339)	7/12/2004 1:23:50 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

GM sales soar in China July 12, 2004 Shanghai - The world's largest automaker General Motors said Monday that first-half sales at its Chinese operations rose 57.6 percent to a record 259 653 vehicles. US-based GM said its flagship passenger car joint venture in China, Shanghai General Motors, saw sales increase 92.4 percent in the first six months over the same period last year to 141 319 units. Market share in the passenger car segment hit 11.7 percent in the first five months of the year, the company said, without providing comparative figures. GM saw sales climb nearly 70 percent in the first quarter of this year to 122 097 vehicles. The extraordinary growth rates seen in China over the last three years have been coupled with the unveiling of ambitious expansion plans by both international and domestic auto players. They have also been a bright spot for automakers as sales have slumped in developed markets. GM's profit from its China joint ventures in 2003 rose 207 percent to $437 million, representing 11.5 percent of its overall earnings. Last month it announced plans to double capacity to 1.3 million units a year on the mainland. Sales at SAIC-GM-Wuling Automobile Co, the company's mini-vehicle joint venture in south China's Guangxi region, rose 32.5 percent in the first half to 115 938 units. The Wuling brand's market share was 24.3 percent in the first five months of the year but no figures were provided for comparison. - AFP busrep.co.za