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Shanghai GM targets 8% sales growth for 2012

Apr. 26, 2012 (China Knowledge) - Shanghai GM, a joint venture between General Motors and SAIC Motor Corp Ltd<600104>, China's No.1 car maker, aims to sell 1.3 million vehicles this year, an 8% growth from a year earlier, said the JV's Vice President Cai Bin at the 2012 Beijing International Automotive Exhibition starting from Apr. 25 to May 2.

Cai added that the JV also targets two million vehicle sales for 2015.

At the Beijing auto show, Shanghai GM brought 32 models to display, such as the Cadillac Ciel Convertible concept, the new electric hybrid ELR, the 1.6 turbocharged Chevrolet Malibu, the Buick Regal GS and Excelle XT.

Cai also expects China's passenger vehicle sales would reach between 1.38 million and 1.45 million units in 2012, up 7.7% from that of 2011.

The JV is in the process of building a passenger vehicle plant on Wuhan, capital of Hubei Province, the firm's fourth production base in China, following that in Shanghai, Yantai of Shandong Province and Shenyang of Liaoning Province.

With an investment of RMB 7 billion, the new facility will have an annual output capacity of 300,000 vehicles when it starts operation in 2014.

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