SHANGHAI -- Shanghai Automotive Industry Corp., China's biggest carmaker, aims to double capacity in the second half of the decade to 2 million vehicles a year, the company's chairman was quoted by state media as saying on Friday.
Including output from South Korea's Ssangyong Motor Co., which Shanghai Auto took control of last year, the company's capacity will reach 1.02 million vehicles by the end of the year, the Shanghai Securities News said.
"During the period of the eleventh five-year plan, our capacity will double, reaching 2 million units," Hu Maoyuan was quoted as saying during a shareholders meeting.
China's communist party this week endorsed its eleventh five-year plan that promotes more sustainable economic growth in place of growth for growth's sake.
Shanghai Auto, the parent of listed Shanghai Automotive Co. Ltd., is General Motors' main partner in China.