GM cuts prices
17/5/2004 15:54
Shanghai General Motors Corp., a 50-50 local joint venture with
US-based automaker General Motors Corp, announced price cuts today aimed at
boosting sales, today's Xinmin Evening News reported.
The move is in response
to the anticipated fierce auto market competition that will result when China
begins to lift quotas next year on auto imports, and with more domestic auto
manufacturers racing to unveil new models.
The steepest price cut is 40,000
yuan (US$4,837) on the Buick Regal 3.0L. As well, two new Buick Excelle models
will be unveiled with price tags ranging between 120,000 and 150,000 yuan, the
same report said.
With more auto companies from home and abroad rushing to
tap China's potential auto market, competition is inevitable, said Shanghai GM
general manager Chen Hong.
Rather than be drawn passively into the
competition, Shanghai GM would prefer to take more active measures such as price
cuts, he added.
Jane Chen / Shanghai Daily news
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