China’s FAW Car on Friday said its net profit for 2009 jumped 49.8% to CNY1.63bn ($238.8m) as sales surged in the world’s fastest growing market.
FAW Car is the listed unit of FAW Group, the nation’s secondlargest auto maker by sales after SAIC Motor and one of Volkswagen’s joint venture partners in China.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The car maker, which is scheduled to release its audited annual report in late April, said it had “successfully grasped the opportunity of fast market growth” last year, AFP reported.
The company said unaudited revenue rose 37% in 2009 to CNY27.74bn, according to a preliminary 2009 earnings announcement filed with the Shenzhen Stock Exchange. 2008 earnings were CNY1.09bn.
Chinese automakers benefited from soaring vehicle sales in 2009 due to government policy incentives.
Annual sales rose 46% to 13.6m vehicles in 2009, according to the China Association of Automobile Manufacturers.
These incentive measures, mostly extended into 2010, included tax cuts for cars with engines smaller than 1.6 litres and subsidising clean-technology vehicles.
