SAIC Motor Corp, General Motor's China partner, is focused on expanding its market share domestically and has no plans for foreign mergers and acquisitions, the China Securities Journal said.

 

SAIC, however, will continue to monitor the global auto market and will seek suitable development opportunities, Chen Hong, president of the top Chinese automaker, was quoted saying.

 

Chen told the newspaper that the challenge GM was facing at home would not affect the future development of Shanghai GM, its manufacturing venture with SAIC.

 

The venture is one of the key profit generators for SAIC and contributed an estimated 2.4 billion yuan ($351 million) of profit for the Chinese automaker in 2009, the report said, citing an unnamed analyst.

 

SAIC also makes MG and Roewe branded cars, developed based on acquired technology.

 

Sales of its own-brand cars are estimated to rise to 50,000 units this year, up from 36,000 units in 2008, Chen said.

 

SAIC aims to launch its in-house developed hybrid car within three year, he added.