| Price cuts boost sales on Chinese auto market |
SHANGHAI, Apr. 3 -- Shanghai General Motors Co Ltd reported that its sales rose 26.5 percent to 113,200 units in the first quarter of 2007 compared with the same period last year as a result of price cuts and new models.
The flagship joint venture between General Motors Corp, the world's largest auto maker and Shanghai Automotive Industry Corp, sold 82,000 vehicles under the Buick brand, contributing to 70 percent of its total sales.
Sales of Buick Excelle economy cars rose 11.7 percent to 45,000 units after the company cut its price an average seven percent to increase its competitiveness.
Sales of Chevrolet-branded models expanded 30 percent to 30,000 units on high demand for the popular Lova compact car as well as the newly revamped Epica sedan.
Sales of Cadillacs jumped 62 percent to 1,797 units after the company added the SLS luxury sedan to broaden its product portfolio.
Shanghai GM was the top seller on the Chinese auto market last year. Sale exceeded 400,000 units - growth of 23 percent.
Meanwhile, General Motors Corp announced it will unveil two new concept cars, the Chevrolet Volt, the company's extended-range electric passenger vehicle, and a Buick model, at this month's Shanghai Auto Show.
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