(Reuters) - Great Wall Motor Co Ltd (2333.HK), China's No.1 maker of utility vehicles (SUVs) and pick-up trucks, said on Monday that it may not be able to achieve its sales target for 2011 amid slowing growth in China, the world's largest auto market.

The company, which competes with rivals such as SAIC Motor (600104.SS) and Dongfeng Motor (0489.HK), had no plan to cut selling prices in a bid to maintain profitability, Chairman Wei Jian Jun told reporters.

Great Wall Motor, which makes sports pick-up trucks and sedans under its own brand name in China, had set its auto sales target at 500,000 units for this year.

Wei also said the company aimed to achieve double digit growth in earnings in the second half of 2011.

"We aim to maintain a similar profit margin for the second half as compared to the first half," Wei said. "Sales for September, October, November and December are seen stronger as the second half is normally a peak season (for car sales)."

On Friday, Great Wall Motor said first-half net profit more than doubled to 1.81 billion yuan on improved margins. For results statement, please read here

0819658.pdf Wei said Great Wall Motor would stick to its plan for an initial public offering in Shanghai.

"The A-share plan is proceeding in accordance to plan," Wei said without elaborating.

Great Wall Motor, which is a latecomer to the competitive sedan market, is braving the mainland stock market at a time when investors grow more concerned over an economic slowdown.

China's securities regulator earlier this month approved Great Wall's plan for a Shanghai initial public offering worth about $500 million aimed at doubling its production capacity in China.

Shares of Great Wall Motor fell 4.7 percent to HK$10.62 at the midday break on Monday, the lowest in more than a week.

Source:reuter