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XM Hits 136,500 Subs, Sirius launches Today

7/01/2002 02:14:00 PM Eastern

Washington, D.C. - XM Satellite Radio announced today that it achieved a net gain of 60,000 subscribers for the quarter for a total of 136,500 subscribers, exceeding most Wall Street projections.

The company also said that General Motors is going into production the 23 additional car models, for a total of 25 models, that will offer XM radios for delivery to the marketplace in August or September.

XM said that Pontiac is offering free XM receivers to those who purchase a 2003 Grand Am, Sunfire, Aztek or Bonneville through November. Other GM cars are offering XM radios as a $325 option. A spokesman for GM said this year XM will sponsor TV, print and radio advertising, which will mention that the products are available through GM dealers.

In total, XM is expected to reach 200,000 subscribers in the third quarter and 350,000 by the end of the year. Sirius, which officially launched its service nationwide, today, has projected sales of 100,000 to 150,00 subscribers by the end of the year.

Regarding today's launch, Sirius president and CEO Joe Clayton, ever optimistic, quipped, 'The first few hours have been pretty good.' Currently 60,000 Sirius radio products are in the pipeline, he added, noting that Panasonic is expected to announce its product plans for Sirius shortly.'