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| Global carmakers are vying for a larger share of the world's largest auto market. And what better place to compete, than at the Shanghai Auto Expo. With competition heating up, car makers are announcing their China business plans. |
Global carmakers are vying for a larger share of the world's largest auto market. And what better place to compete, than at the Shanghai Auto Expo. With competition heating up, car makers are announcing their China business plans.
General Motors is planning to increase its presence in China. It expects to more than double its sales in China to around five million units by 2015. Around 60 new models and upgraded models will be introduced in China over the next five years. Around 12 of them will be Buicks and 15 Chevrolets.
Ford Motor is also showing its ambition. It expects overall China vehicle sales to grow five to ten percent from a year earlier. The company's China CEO says Ford will remain focused on its own brands in China, but will be in close touch with joint venture partners on whether to develop specific brands.
Meanwhile, Chongqing Changan Automobile, which has a three-way partnership with Ford and Mazda in China, says the joint venture is considering rolling out dedicated local brands. Changan makes and sells Ford brand including Focus, Fiesta, Mondeo as well as Mazda 2 and 3.
Great Wall Motor Company aims to raise more than five billion yuan from an initial public offering in the Chinese mainland later this year. The company joins BYD in seeking to raise funds via a second listing in the mainland. This comes as Chinese automakers look to upgrade their technology capabilities and expand product ranges.
(CNTV, April 19, 2011)
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