TOKYO -- The head of Shanghai Automotive Industry Corp. said on Tuesday that China's biggest carmaker aimed to double auto production to 2 million vehicles a year by 2010, with revenues growing at the same pace.
Speaking at an industry conference ahead of the Tokyo Motor Show, which opens this week, SAIC President Hu Maoyuan said the automaker also wanted to develop its own brand during a five-year business plan, selling 600,000 such cars in that period.
"By the end of next year, we plan to have a prototype and then begin mass production in 2007," Hu said.
Also by 2010, SAIC would aim for export revenues of $5 billion, he said.
Last week, Hu was quoted by Chinese state media as saying SAIC aimed to double capacity in the second half of the decade to 2 million vehicles a year -- on a par with the sales volume of Germany's BMW.
Shanghai Auto, the parent of listed Shanghai Automotive Co. Ltd., now produces cars through various joint ventures with foreign automakers, including General Motors and Volkswagen AG.