Cars

China's Geely on track to meet 2010 target

(Agencies)
Updated: 2010-11-12 16:15

China's Geely Automobile Holdings Ltd should reach its 2010 sales target, but expects growth in the broader market to moderate next year, its executive director said.

Steered by Chairman Li Shufu, dubbed the Henry Ford of China, Geely previously said it aimed to sell 400,000 units in 2010, and Executive Director Lawrence Ang said the company was on track to reach that goal.

Ang told Reuters that Geely would launch three new models this year to be delivered next year. With a total capacity to produce up to 680,000 cars a year, the company was well prepared for growth, he said.

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"We are quite confident that next year will be easier for us to achieve higher volume because we have more new models," Ang said.

He forecast auto sales growth in China, the world's largest market, to slow to 15 percent next year after strong growth of about 30 percent this year and 40 percent in 2009.

The homegrown car maker recently set up a committee to facilitate communications with Volvo Car Corp, a premier brand that Geely's parent, Zhejiang Geely Holding Group, bought in August from Ford Motor Co.

"The committee will meet at least twice a year and I would like to see the two companies join forces to make something new, to create synergy," Ang added.