The Sino-French joint venture Dongfeng-Citroen Automobile Co. Ltd. achieved a 30% year-on-year increase in sales during the first half of 2000, the official Xinhua news agency reported Monday(24/07/00).
The company sold 23,482 cars, while the company’s output reached 23,839 cars in January-June. Its domestic market share rose to 9%, a 2-percentage-point increase on the year, Xinhua said, citing Zhang Shiduan, general manager of the company.
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The joint venture has so far built a marketing network that covers 243 Chinese cities with 502 sales outlets, Xinhua reported.
Dongfeng-Citroen Automobile is the largest Sino-French joint venture on the mainland. It is based in the central Hubei province’s town of Wuhan, with a total investment to date of 10.36 billion yuan (U.S. $1.25 billion).
Dongfeng, the Chinese partner, holds a 70.0% stake, Citroen 25.0%, and two French banks, Banque Nationale de Paris and Societe Generale, a total of 5.0%.
The total annual production capacity of the venture’s plant is 300,000 cars and 400,000 engines.
