China’s biggest car maker First Automotive Works (FAW) has raised this year’s sales target to 500,000 vehicles from 450,000 due to a strong performance in the first six months of 2002, Reuters reported.
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FAW, which makes Volkswagen saloons, and recently merged with Tianjin Automotive Industry, sold 400,000 vehicles last year, Reuters said.
“As for a profit target, we haven’t made an adjustment yet. But judging from the 500,000 sales target, the original profit aim of more than 2.5 billion yuan ($US302 million) will definitely be realised,” an FAW spokesman told Reuters.
Reuters said that FAW sold 280,000 vehicles in the first six months of 2002, up 41% from the same period last year.
Its Volkswagen joint venture makes the mid-to high-end Jetta, Audi and Bora cars and its listed unit FAW Car Co makes its own Red Flag brand, Reuters said.
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By GlobalDataSales revenue was 43.15 billion yuan and profit 2.15 billion yuan, up 37.3% and 34.3% year on year respectively, Reuters said.
