(Yicai) Sept. 26 -- SAIC-GM will leverage its product strength and technological foundation to fully launch a market counteroffensive by next year, according to the new general manager of the joint venture between China's SAIC Group and US auto giant General Motors.

SAIC-GM is trying to boost sales through a “blockbuster product” strategy, Lu Xiao, who stepped in as GM on Aug. 9, said at an event celebrating the production of the two millionth Buick GL8 model on Sept. 23. Retail sales will likely exceed 600,000 units this year thanks to this strategy, Lu added.

The Buick GL8 is one of SAIC-GM's key products, along with the Cadillac XT5, whose all-new edition will launch by the end of this month.

"In the past two to three months, the Buick GL8's share of the multi-purpose vehicle market has quickly rebounded to first place, a position that will certainly be consolidated," noted Lu. “Our market share in the MPV sector will not be less than 20 percent.”

SAIC-GM is also targeting family users and plans to launch premium, family-oriented MPV models, Lu said, adding that by then, China's market demand for such autos will likely surge to 1.5 million or even 2 million units from 1 million.

To respond quickly to market changes, SAIC-GM shortened all product development time to 18 months and launched its first "green license plate" plug-in hybrid Buick GL8 model in April this year.

SAIC-GM's three brands -- Buick, Chevrolet, and Cadillac -- will have over 10 new energy vehicle models based on GM's Ultium platform by 2025, including plug-in hybrid, extended-range, and pure electric ones.

SAIC-GM has been a major player in China’s auto market, the world’s biggest, but the Shanghai-based firm has faced increasing pressure in recent years as competition intensifies with the shift to electric vehicles and the challenge from Chinese carmakers such as BYD, Nio and Xpeng.

The firm’s new management team has its work cut out. As the market share of new energy vehicles continues to swell, that of JV brands, including SAIC-GM, has been steadily shrinking, and SAIC-GM has faced significant sales setbacks.

"We were a bit slow in responding to the new energy era, but being slow doesn't mean we lack capability," said Xue Haitao, SAIC-GM's vice GM, who is in charge of marketing and also took office in August. “The Buick GL8 PHEV is still in short supply, with orders exceeding 30,000 units.”

SAIC-GM sold more than 4,200 Buick GL8 PHEVs last month, surpassing the monthly sales of its fuel counterpart and ranking second in new energy MPV sales.

Editors: Tang Shihua, Martin Kadiev