Home / Business / Auto Tools: Save | Print | E-mail | Most Read | Comment
FAW profit more than triples in Q1
Adjust font size:

FAW Car Co Ltd reported net profit more than tripled in the first quarter this year on strength of sizzling car sales and cost reductions.

FAW Car, the listed unit of the nation's second-biggest car maker, posted net income of 311.76 million yuan (US$45.2 million) from January to March, an increase of 261.08 percent from a year earlier, the car maker said in its statement to the Shenzhen Stock Exchange today.

Changchun, Jilin Province-based FAW Car posted revenue of 4.9 billion yuan, representing a 71 percent increase year on year.

Sales increased 70 percent to 280,000 units, outpacing the 22 percent growth in the overall passenger car market.

A growing economy has made cars more affordable to Chinese customers, prompting car makers to expand capacity and launch new models to tap rising demand.

FAW Car earlier said it would spend 575 million yuan to update assembly lines and add another 60,000 units to production capacity.

The company plans to make use of additional production to make new models including a Mazda 6 wagon and other B-segment models within one-and-a-half years.

FAW Car will also build more Besturn models, which were self designed, at a cost of 821 million yuan through 2009 due to growing demand for homegrown vehicles.

The central government has encouraged the development of the domestic auto industry.

(Shanghai Daily April 28, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- FAW posts 35% growth in Q1 vehicle sales
- FAW Volkswagen sees robust sales
Most Viewed >>
- China's economy to grow 10.7% in 2008: Report
- China to add 2,800 aircraft by 2026: Airbus
- China's largest SEZ celebrates 20th anniversary
- Paper tycoon earns union wrath
- HK green tinge on tax cuts
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?