Guangzhou Automotive Targets 3 Million Sales by 2020

Guangzhou Automobile Industry Group aims to increase sales of its own Trumpchi brand in China to about 330,000 units by the end of the decade from 130,000 cars last year, The Nikkei reports.

President Zeng Qinghong tells reporters sales gains and unspecified future capacity expansions by Guangzhou Automobile's joint ventures with Honda and Toyota may be enough to propel the company's overall sales from 1.17 million in 2014 to 3 million by 2020.

Zeng didn't explain how the companies will achieve such a dramatic increase. Reaching 3 million annual sales would require several more assembly plants.

Last year the Guangzhou's Honda and Toyota ventures sold 480,000 and 370,000 units, respectively. Guangzhou notes that its Honda venture will add 120,000 units of annual capacity at the end of this year, and its Toyota partnership plans to add 100,000 units of capacity by about the end of 2017.