Shares in Chongqing Changan Automobile rose on Tuesday after it said 2009 earnings soared due to central government incentives to boost vehicle sales.
Shenzhen-listed Changan Automobile, China’s fourth-largest auto maker by sales, closed up 4.9% at CNY13.26 after reporting a net profit of CNY1.1bn (US$161.1m) last year, compared with CNY24.4m in the previous year.
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Revenue jumped 88.4% to CNY25.2bn after it sold 1.37m vehicles in 2009, up 64.1% year on year, AFP reported, citing data filed with the stock exchange. Its market share expanded by 1.13 percentage points to 10.03%.
The company aims to sell 1.85m units in 2010 for revenue of CNY39bn.
“The extension of policies favourable to China’s auto industry will continue to support its rapid development in 2010,” Changan Automobile said in its statement.
The company, well known for its minivans, also said it aims to “march into the European and American markets” by 2019, AFP added.
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