SAIC Motor sees its 2010 sales rising 13%

Shanghai: China's top vehicle producer SAIC Motor Corp said its 2010 sales would hit 3 million units, an increase of 13 per cent from this year, the Shanghai Securities News reported Wednesday, quoting the firm's chief executive.

SAIC's sales may hit 2.65 million this year, said SAIC chief executive Chen Hong.

China's auto market has been a bright spot this year amid a steeper-than-expected global downturn, thanks to Beijing's stimulus measures which have significantly bolstered consumer confidence.

Earlier this month, General Motors and SAIC Motor agreed to make small cars and commercial vehicles in India and GM also sold its 1 per cent stake in its existing China venture to SAIC for about $85 million (Dh312.1 million), giving China's top carmaker control and allowing it to consolidate the venture's accounts onto its balance sheet.