Shanghai General Motors Corp announced yesterday that last year it became the first passenger car maker to sell 500,000 cars in China.
The flagship joint venture between General Motors Corp and Shanghai Automotive Industry Corp, also beat the Chinese ventures of Volkswagen and Toyota to be the top seller for a third consecutive year in China, the company said in a statement.
Shanghai GM achieved sales of 500,308 units last year, an increase of 22 percent from a year earlier as it took advantage of a multi-brand strategy to broaden its product mix and win more customers in the world's second-largest auto market.
Sales of Chevrolet-branded vehicles rose 56.4 percent to 160,500 units while Buick's sales rose slightly to finish at 332,000 units, Shanghai GM said.
The record sales also included 7,040 Cadillac luxury sedans as well as 618 Saabs as sales of each soared 149 percent and 87 percent respectively.
Shanghai GM introduced five new models including the Cadillac SLS luxury business sedan, Buick Park Avenue premium sedan and Chevrolet Captiva SUV last year.
(Shanghai Daily January 3, 2008)