10.16Beijing Auto says to sell 1.5 mln cars next year, 2 mln in 2012

Beijing Auto says to sell 1.5 mln cars next year, 2 mln in 2012 

 

Shanghai, October 16 (Gasgoo.com)Beijing Automotive Industry Holding Co. is
looking to sell 1.5 million vehicles next year with sales revenue hitting
150 billion yuan (US$22 bn), the company's president said on Thursday. 

 

"The sales target for 2011 is much higher at 2 million vehicles and 240
billion in sales revenue," said Xu Heyi at a media conference to mark the
seventh year of founding of Beijing Auto's joint venture with Hyundai Motor
Co.

 

The company now holds a market share of 9.7 percent in China's vehicle
market and this figure is expected to reach 10 percent by next year,
according to Xu.

 

Beijing Auto's September sales surged 108 percent from the same month last
year to121,340 vehicles. In the nine-month period it sold 913,878 vehicles,
up 48.6 percent from a year earlier.

 

Beijing Auto has struck a deal in early September to take a minority stake
in Koenigsegg Group AB and help Koenigsegg close the funding gap it needed
to buy General Motors Co.'s Swedish unit, Saab Automobile AB.

. 

Previously its bid for Opel was rejected by GM in July, as the companies
failed to resolve differences over intellectual property rights.

 

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