China's Auto Giant Sets High Target

Home>>Business

Last updated at: (Beijing Time) Tuesday, December 25, 2001

China's Auto Giant Sets High Target

China's First Auto Works (FAW), dubbed as the "cradle of China's auto industry," has vowed to make and sell 700,000 automobiles annually by the year 2005.

China's First Auto Works (FAW), dubbed as the "cradle of China's auto industry," has vowed to make and sell 700,000 automobiles annually by the year 2005.

According to the company's long-range plan, by 2005 its sales income is expected to hit 85 billion yuan (10.24 billion U.S. dollars) and after-tax profit, 4 billion yuan.

Comparing 2000 with 1991, the company's output of automobiles rose by 4.6 times, sales income by 9.1 times and post-tax by 32.5 times, according to statistics.

Before FAW was established in 1953, China has no auto manufacturing plants.

Through decades of development, FAW now boasts eight plants andfive sub-companies. FAW also possesses shares of 26 companies and 146 associated enterprises.

FAW, located in northeast China's Jilin Province, has set up 15Sino-foreign joint ventures and established 19 sub-companies and agencies overseas. It has exported automobiles to more than 70 countries and regions worldwide.

FAW-VW's New Product Rolls Off Production Line

FAW, Mercedes-Benz Incubate New Truck Base