Ford And General Motors Expect Growth In China For 2014
Two of the big three Detroit automakers anticipate expansion in their Chinese markets this year. Both General Motors China and Ford Motor (NYSE: F) China said they expect to outpace market growth.
GM China expects between eight and 10 percent growth for 2014, spokesperson Dayna Hart told Benzinga.
Earlier this month, GM CEO Marry Barra said that the company's joint ventures plan to invest about $11 billion in vehicles, facilities and people through 2016.
The company also plans to launch 19 new or upgraded models this year, Hart said, as well as open two new manufacturing plants.
“We are especially focused this year on sport utility vehicles and luxury vehicles,” Barra said. “Both are hot and growing segments of the Chinese market.”
GM and its joint ventures reported record sales for January. The company said it sold 348,061 units, up 12 percent from January of last year.
Ford Motor China CEO John Lawler said he expects the overall Chinese automotive industry to grow between 7.5 and 8 percent this year, and he anticipates a higher growth for Ford, the Wall Street Journal reports.
The company hopes to sell more than one million vehicles in the country this year, according to the WSJ.
Ford China January sales reached 94,466 wholesales, a 53 percent increase from the same month last year.
Other growth in China
The Chinese automotive industry sold more than 21.9 million vehicles in 2013, a 13.9 percent year-on-year increase, according to the China Association of Automobile Manufacturers. It also saw an improvement with market concentration. Last year, the top 10 automotive enterprises sold over 19 million units, up 15.8 from 2012.
China, itself, is expected to see an eight percent year-on-year growth.
China Daily reports that this result of economic warming in developed countries, slower renminbi appreciation and growth in consumer industries.
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