Above the expected production of more than 1.5 million this year, Shanghai Automotive Co. plans to produce more than 2 million vehicles by 2010.
As notified by its chairman, Hu Maoyuan, the company has also targeted trade and export revenue of $5 billion by 2010. The company wants to use China’s low costs to develop a global brand.
By 2010, Shanghai Auto’s own-branded cars are expected to exceed 600,000 units. The group’s ventures with General Motors and Volkswagen AG are China’s biggest car sellers.
Hu said:
We will focus on hybrid car production. Adding the company would unveil more than 20 battery-powered prototypes for the Olympics next year.
China’s auto industry needs to resolve the problem of cars using too much energy. The automakers need non-stop opening and participation in the international sector to be a top car-producing nation. China’s auto sector hasn’t reached that level yet.
[Courtesy: Automotive News]
