According to Reuters, Chinese car maker Shanghai Automotive Industry Corp (SAIC) said on Thursday that it sold 610,000 vehicles last year, doubling from 2001 and overtaking rivals to become China’s largest vehicle maker by sales.
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Reuters said that SAIC zoomed past the country’s longstanding pre-eminent automaker First Automotive Works (FAW) — which said earlier this month it sold 580,000 vehicles in 2002 — helped by buoyant domestic demand in the world’s fastest-growing vehicle market.
Turnover rose 22.4% to 120 billion yuan ($US14.50 billion) in 2002, breaking the $10 billion mark for the first time, an SAIC spokesman told Reuters. “We also sold more than 410,000 cars in 2002, topping the domestic market, an increase of 36% from a year earlier,” he added.
Reuters said SAIC is aiming for double-digit growth in passenger car output this year, and expects to earn 130 billion yuan in revenue.
China’s automakers — including foreign joint ventures — sold 3.248 million vehicles in 2002, an increase of 37.1% from 2001, Reuters said, citing official statistics.
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By GlobalDataSAIC’s joint venture with Volkswagen, Shanghai Volkswagen Automotive Co Ltd, sold more than 300,000 cars in 2002, Reuters said, adding that car sales at SAIC’s 50-50 venture with General Motors, Shanghai GM, also surged 100% year-on-year to more than 100,000 units in 2002.
