(Yicai Global) Nov. 16 -- A joint venture between Chinese carmaker SAIC and US General Motors is aiming to tackle a slowdown in car sales in China by upgrading its branding of existing models and seeking new revenue from sources such as car leasing.

The current market will not give you any chances for mistakes, Bao Ye, the general marketing director for SAIC General Motors said during an interview with Yicai Global. The Shanghai-based firm is the only Chinese firm that has three foreign brands, namely Chevrolet, Buick and Cadillac, at its hands to generate income while the country's car sales have slumped for the first time in nearly seven years in September.

"How to improve the quality of business operations and open up more growth points is a problem we are considering," Wang Yongqing, the firm's general manager said.

Each of these three brands come with their own challenges. Chevrolet is the one that appears to have the hardest time, as sales had decreased for two years before the first sign of growth this year. China-made Chevies face tough competition from Chinese rivals in terms of pricing and market positioning.

Buick seems to be doing the best out of the three, as the firm aims to debut eight new models next year, according to Bao. Buick sold over 1.2 million cars last year and became one of the few brands whose annual sales exceed 1 million vehicles in China, he added. The company aims to add more mid- to high-end Buick models to keep the growth stable.

The outlook for Cadillac is also not looking too shabby as the firm expects the annual growth rate to maintain a level of up to 10 percent till 2025, according to Wang.

In addition to these models, smart and connected products will be the second engine that fuels growth, SAIC-GM announced earlier. The firm is also launching a new car leasing unit next year and it is exploring new markets such as second-hand car sales to rev up profits.

Editor: Emmi Laine