Three major Chinese automakers have reported healthy first half 2010 sales rises and one, Changan Auto, is predicting a net profit rise of up to 163%
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FAW Group built 1.228m vehicles (up 50.4% year on year) and sold 1.242m (+44%) in the first half of 2010.
Revenue at the company, one of China’s four largest auto groups, surged 62% to CNY131.36bn, SinoCast reported.
FAW sold 530,000 of its own brand vehicles, up 53.64% and five percentage points more than the industry average.
Sales of Jiefang medium and heavy trucks rose 116.5% to a segment leading 153,000 units.
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By GlobalDataThe automaker sold 245,000 sedans, up 29.49%. Sales of Besturn cars soared 115% to 70,000.
Joint ventures between FAW Group and foreign partners contributed much to the H1 volume rise.
FAW-Volkswagen Automobile, Tianjin FAW Toyota Motor and FAW Mazda Motor Sales sold 411,000 (+35%), 240,000, (+42.7%) and 59,000 (+41%) vehicles, respectively.
Meanwhile, Changan Auto said H1 net profit would grow up to 163% on sales volume up 47.6% to 974,499 vehicles.
According to China Daily, the automaker said in a statement to the Shenzhen stock exchange net profit for the six months ended June was estimated at between CNY1.35bn and CNY1.40bn, up 153 to 163% year on year.
Changan, one of China’s top state auto groups, last week signed an agreement to set up a 50/50 joint venture with French car maker PSA Peugeot Citroen to make light commercial and passenger vehicles in China.
It has been making Focus, Mondeo, Fiesta and other Ford models like the Transit van in a three-way JV with the Detroit carmaker and Mazda Motor.
Separately, a spokesman for privately held carmaker Geely told China Daily the company plans to sell 2m cars globally by 2015.
Victor Young, director of public relations for Zhejiang Geely Holding Group, said the company had reorganized its research units to help design over 40 car models a year before 2015.
“Geely hopes to roll out more new car models faster and more efficiently,” Young said.
In the first half of 2010, sales rose 42.1% to 195,734 units and the company aims to sell 400,000 vehicles in the full year.
