XM Hits High Subscriber Mark

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XM Hits High Subscriber Mark

Apr 1, 2002 12:00 PM

Washington, DC - Apr 1, 2002 - XM Satellite Radio has exceeded most Wall Street analyst expectations for first quarter subscriber growth, ending with more than 76,000 total subscribers as of March 31, 2002. XM more than doubled its subscribers in the first quarter.

XM has a target goal of 350,000 subscribers by the end of 2002, a goal that the company believes it will acieve. Hugh Panero, XM CEO, noted that the majority of XM subscriber growth has come from consumer retail distribution. XM also expects significant growth from the automotive sector in the second half of the year, when XM will become available in a variety of new car models.

Beginning this fall, General Motors will offer XM on 23 models including the Buick, Chevrolet, GMC, Olds, and Pontiac car lines. GM already offers XM in Cadillac Devilles and Sevilles. In addition, participating Isuzu dealers will also offer to install XM radios in Axiom and Rodeo models beginning in April 2002. Isuzu also has designed and developed a mounting kit that allows all Isuzu Axioms and all 1998 and newer Isuzu Rodeos to be easily retrofitted with an XM radio. Last week Nissan announced that satellite radio systems will be available in select 2003 model Nissan and Infiniti division vehicles beginning later this year. Models include the Infiniti Q45 performance luxury sedan, the Infiniti G35, the Infiniti I35 luxury sedan along with the Nissan Pathfinder sport-utility vehicle and the Nissan Murano crossover SUV.

Volkswagen of America, which also encompasses Audi of America, signed distribution agreements to offer Volkswagen and Audi customers in the United States satellite radio services in coming years.