Great Wall eyes 67 pct '08 vehicle sales rise-exec

SHANGHAI, March 24 (Reuters) - Great Wall Motor Co Ltd (2333.HK: Quote, Profile, Research, Stock Buzz), China's largest sport utility vehicle (SUV) maker, aims to sell 67 percent more vehicles in 2008 than last year, banking on new models to boost sales both at home and overseas.

Great Wall has set a target to sell 200,000 vehicles this year, up from 120,000 in 2007, a senior executive told Reuters.

Exports, mostly to emerging markets, are estimated to rise sharply to 80,000 units in 2008 from roughly 50,000 units last year, said the executive, who asked not to be identified.

In Italy, a market it first broke into in 2006 with a shipment of 500 Hover SUVs, sales are estimated to increase to 5,000 units this year, up from 1,300 in 2007, the executive added.

To help achieve those targets, Great Wall, which is diversifying into car production, plans to roll out two new sedans this year priced between 60,000 and 110,000 yuan ($8,510-15,600), a company spokesman said.

The models will be launched simultaneously at home and overseas, he added.

Great Wall is among a group of up-and-coming Chinese automakers, including Geely Automobile Holdings (0175.HK: Quote, Profile, Research, Stock Buzz) and Chery Automobile, hoping to establish a global brand.

In July 2007, Chery finalised a deal with Chrysler LLC to make compact cars under the Chrysler badge for sale in the United States and other markets.

A company source said Great Wall was open to forming a similar production alliance with a major global automaker and had held talks with Chrysler, although no agreement had been reached, echoing a report over the weekend in The Economic Observer, a Chinese newspaper.