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Shanghai GM in economy drive
Last Updated(Beijing Time):2007-01-05 16:19
Shanghai General Motors Automobile Co Ltd has cut the prices of its mainstream Chevrolet economy models by up to 10 percent to strengthen its position as the biggest auto seller in China.

Shanghai GM said in a statement that the price for its Chevrolet Lova and Aveo economy sedans will be lowered by between 5,000 yuan (US$625) and 9,900 yuan, equivalent between six percent and 10 percent of the total price, starting from yesterday.

"The move will enable Chevrolet models to gain more price advantage in the mainstream compact car segment, which is experiencing fast growth," Shanghai GM said.

"The compact car segment is also the most price-sensitive market for Chinese customers, and competition has been intensified."

Shanghai GM sold an average 6,000 units of Lova and Aveo for the first half of last year. However, sales slowed more recently after competition from Shanghai Volkswagen Automobile Co Ltd's new Polo and Honda's Fit.

The Chevrolet brand, which was introduced in 2005, is expected to play an important role in maintaining Shanghai GM's leading small-engined market position in China.

Sales of small-engined cars picked up faster than other segments in the booming auto industry as the Chinese government encouraged the use of fuel-efficient models for energy conservation, and environmental protection.

Shanghai GM beat two Chinese joint ventures of Volkswagen AG to win the sales crown for 2006, its second consecutive year as No. 1.

Total sales reached 413,367 units last year, an increase of 23 percent year on year, and about 60,000 units more than Shanghai VW and FAW Volkswagen.
Source:Shanghai Daily 
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