General Motors unveiled a new model for the budget car market yesterday as it announced that sales jumped by 54 per cent in the first quarter of the year.
Ahead of the Shanghai Auto Show, GM gave the media an opportunity to test-drive its Buick Excelle, one of 25 GM vehicles on display at the show.
The Excelle was aimed at the lower-medium segment of the market, said GM China chief executive Phil Murtaugh. It will go on sale in late July or August for 130,000 yuan (HK$122,000) to 180,000 yuan.
'Sales in China in this segment last year were over 300,000 and are growing by 80 to 90 per cent a year. This is our first entry into this segment, which is crowded and competitive. It is the right size for private buyers, whose purchasing power is exploding,' he said.
The car is based on a GM Daewoo design from South Korea. It is available with 1.6-litre or 1.8-litre engines and will be produced in Shanghai, at GM's joint venture with the Shanghai Auto Industry Corporation.
Mr Murtaugh said GM sold 84,000 vehicles in China during the first quarter, an increase of 54 per cent over the same period last year.
