November 13, 2019 / 10:26 AM / 24 days ago

China's biggest automaker SAIC aims to triple overseas sales by 2025

FILE PHOTO: A worker walks past a lighted signage of the Shanghai Automotive Industry Corporation (SAIC) before the opening of the 15th Shanghai International Automobile Industry Exhibition in Shanghai in this April 19, 2013 file photo. REUTERS/Carlos Barria

SHANGHAI (Reuters) - China’s largest carmaker SAIC Motor (600104.SS) wants to triple its overseas auto sales to 1 million units by 2025, a senior company official said on Wednesday, as more Chinese auto manufacturers seek sales growth globally.

The Shanghai-based company, which sold around 7 million vehicles last year with its own brands and joint ventures with Volkswagen (VOWG_p.DE) and General Motors (GM.N), makes up just under a quarter of China’s auto market, the world’s largest.

“SAIC’s overseas sales would hit 350,000 units this year and we will strive to sell more than half a million next year,” Yu De, deputy president of SAIC told reporters in Shanghai. “By 2025, we aim to have a market size of 1 million units a year.”

“We will systematically plan our overseas operations, from supply chain to logistics,” said Yu.

SAIC builds MG brand cars in India and Wuling commercial vehicles in Indonesia with GM. It also exports cars to Netherlands and Australia.

As China’s overall market continues to decline after its first annual contraction last year since the 1990s, the company’s sales also dropped 13.7% in the first ten months this year.

Reporting by Shanghai newsroom and Brenda Goh in Shanghai, Yilei Sun in Beijing, editing by Louise Heavens

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