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China's BAIC targets 5,000 car sales a year in Mexico by 2018
[MEXICO CITY] China's BAIC Motor Corp Ltd has started selling its own cars imported from China in Mexico and aims to reach 5,000 sales a year by 2018, a senior company executive said.
BAIC, the Hong Kong-listed unit of Beijing Automotive Group Co Ltd, joins a host of international automakers who have set up operations in Mexico to access auto markets in the United States and Latin America. It sold its first car in Mexico on Thursday.
BAIC Vice President Wei Huacheng said in an interview on Thursday evening the company also aimed to build an industrial plant in Mexico to produce cars as well as electric vehicles, but gave no details on any timeline or investment. "Mexico ... is a very important part (of our) long-term vision," Mr Wei said through a translator.
The Chinese company said it would initially sell a sedan and smaller-size SUV at six dealerships in Mexico, with three additional models planned to hit the market by the end of the year. It has tied up with local retailer Grupo Picacho.
BAIC is the only Chinese auto maker in the Mexican market after Chinese state-owned carmaker FAW left in 2009.