French carmaker PSA Peugeot Citroen wants to grow 30 percent in China this year, with a long-term goal of obtaining an 8 percent share of its booming market by 2016, a senior executive said on Monday, reported Reuters.
Several 408 sedans rolled into a cavernous Beijing showroom on Monday for a gala launch ceremony dominated by young Chinese, the brand's target buyers in the world's top auto market.
Peugeot plans to launch one new model a year following the release of the 408 model.
The 408, which will be available from April and built in Wuhan, China, will allow "significant growth" for the brand, he said. The company is targeting a volume of 100,000 cars a year.
The French vehicle maker operates a car manufacturing joint venture with Dongfeng Motor Group Co in China. Gales said it was also talking to other potential Chinese partners.
China's overall vehicle market should grow 15 percent this year, he said.
Peugeot Citroen group had achieved a China market share of 3.4 percent in 2009, Gales told journalists on a conference call.
