XM Satellite Radio

(XMSR)

said it's on track to have 9 million subscribers by the end of 2006 after it added more than 568,000 net new customers during the first quarter.

With the first-quarter additions, XM now has more than 6.5 million subscribers.

"The first quarter represented another solid quarter of growth in XM subscribers and is consistent with our goal of 9 million subscribers by year end," said Hugh Panero, the president and CEO of XM Satellite Radio. "More importantly, our subscriber growth was achieved economically, with a substantial reduction in the cost to acquire a new subscriber as compared to the fourth quarter of 2005."

Shares of XM were rising 63 cents, or 2.8%, to $22.90 on Monday. Rival

Sirius Satellite

(SIRI) - Get Report

saw its shares tack on 5 cents to $5.12.