GM, Ford see strong growth
By Gong Zhengzheng (China Daily)Updated: 2007-01-09 08:49
Both GM and Ford remained optimistic about their China performance in the years to come and vowed to further invest in the world's No 2 vehicle market.
Kevin Wale, GM's China chief, said in the statement: "In response to what we expect to be continued double-digit market growth, GM and our joint ventures will invest an average of $1 billion per year in our domestic operations through 2010."
Wale told reporters on Sunday at the Detroit auto show that GM's China sales would surpass 1 million units this year or in 2008.
GM plans to roll out 10 all-new and upgraded models this year in China under the Buick, Chevrolet and Cadillac brands, he said.
The company's flagship joint venture in Shanghai with SAIC Motor Co Ltd makes Buick, Chevrolet and Cadillac vehicles, and sells imported Saab and Cadillac cars.
Cheng Meiwei, chairman of Ford Motor China, said: "Through introducing more new and attractive products Chinese consumers love to own, we are confident we can outpace the industry growth again in 2007.
"Ford is quickly approaching our goal in becoming one of the leading auto players in the China market."
Kenneth Hsu, spokesman for Ford Motor China, said the company would continue to invest in new product launches, engineering and dealerships in China through profits earned from local operations and money from its US headquarters.
"Our China operations are enjoying good profits," said Hsu, declining to reveal specific figures.
The firm runs a venture with its Japanese unit Mazda and China's Chang'an Motor in Chongqing Municipality in the southwest, which is assembling the Ford, Fiesta, Focus and Mondeo, Mazda3, and Volvo S40.
The venture will produce a European-designed Ford S-MAX in the first quarter of this year, Ford said. A new plant is being built in East China's Jiangsu Province that will assemble Ford and Mazda cars for the venture in the second half.
Ford announced in November it would build a research and engineering center in Jiangsu with an initial budget of 220 million yuan.
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