PSA Peugeot Citroen chairman Jean-Martin Folz on Tuesday told Reuters the firm's Chinese joint venture aimed to sell 150,000 cars in 2004 with a mid-term sales target of 300,000 units.

Dongfeng Peugeot Citroen is the joint venture between PSA and China's Dongfeng Motor Corp., the report noted.

Reuters said the firm has said it expected to boost sales in the country by 29% this year, selling about 110,000 Citroen cars, while aiming to reach full capacity at its Chinese plant in 18 to 24 months, and to keep growing amid booming car sales in the world's fastest-growing major car market.

PSA has said the Chinese market was expected to grow by about one third in 2003 to 1.5 million vehicles, then expand another 15 to 20% next year, Reuters added, noting that state media said in January that the joint venture planned to triple sales to 250,000 vehicles by 2006.

PSA and Dongfeng said in October 2002 they would invest $US120 million to boost production and bring the Peugeot brand back to China after a failed attempt that prompted it to pull out in 1997, the Reuters report added.