China Faw Group sets 2010 sales target at 2.3 mln units

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China Faw Group Corp. has set its sales target for 2010 at more than 2.3 million units, an increase of 18.3 percent from a year earlier, an executive said Sunday.

Jin Yi, Faw Group's deputy general manager, told the 2010 purchase convention that the nation's No. 2 carmaker also targets a sales revenue of 290 billion yuan (42.5 billion U.S. dollars), up 11.2 percent from 2009.

The carmaker reported strong sales last year thanks to cuts in purchase tax and subsidies on small car purchases. It sold 1.95 million units last year, with a sales revenue of 260.8 billion yuan. The two figures recorded annual growth of 26.9 percent and 23.4 percent, respectively.

The government stimulus, including subsidies on purchases of small vehicles in rural areas and of new-energy cars in pilot cities, and also old-for-new subsidies, will continue to spur sales this year, Jin said.

The SAIC Group, China's largest carmaker, has set 2010 sales target at 3 million units, up from 2.72 million units last year, Hu Maoyuan, the company's chairman, said Saturday.

China overtook the United States as the world's largest auto market last year. The China Association of Automobile Manufacturers announced on Jan. 11 that 2009 auto sales rose 46.15 percent year on year to 13.64 million units.

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