BEIJING, March 8 (Reuters) - China South Industries Motor Co, which is applying for regulatory approval for an initial public offer of shares on overseas markets, expects its car sales to reach 1 million units this year, up 15 percent from 2007, its president Yin Jiaxu said on Saturday.
South Motor, the parent of Changan Automobile (Group), a Chinese partner of Ford Motor (F.N) and Mazda Motor (7261.T), hopes the sales of its own developed models will account for 50 percent of the total in 2008, Yin told Reuters in an interview.
Company officials had earlier said South Motor aimed for listing in Hong Kong or the United States.
“Formalities have almost been completed,” Yin said on the sidelines of the annual session of China’s parliament in Beijing, though he added an eventual listing would still depend on market conditions and regulatory approval.
Officials have earlier said proceeds raised could fund expansion plans by Changan Automobile Co, which has a domestic listed arm of Changan Automobile Co (000625.SZ)(200625.SZ). (Reporting by Wang Hang; Writing by Lu Jianxin; Editing by Tomasz Janowski)