China's Auto Giant Posts Record Sales in 2002

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Last updated at: (Beijing Time) Monday, February 24, 2003

China's Auto Giant Posts Record Sales in 2002

The Shanghai Automotive Industry (Group) Corporation (SAIC) sold a record 610,000 motor vehicles in 2002, including 410,000 cars, up 36 percent year on year, according to corporate sources.

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The Shanghai Automotive Industry (Group) Corporation (SAIC) sold a record 610,000 motor vehicles in 2002, including 410,000 cars, up 36 percent year on year, according to corporate sources.

The auto giant, which has about 60,000 employees, said its sales revenue totaled 120 billion yuan (14.6 billion US dollars) last year, another record high.

The SAIC ranked first in China in terms of its vehicle sales and overall sales revenue in 2002.

Two joint ventures under the group, the Shanghai Volkswagen Co.,Ltd. and Shanghai GM Co., Ltd., also posted record production and sales volumes.

The Shanghai Volkswagen, one of the biggest car producers in China, sold more than 300,000 vehicles last year, a record high among Chinese-made car manufacturers, while the Shanghai GM sold 110,000 Buick sedans.

The SAIC is expected to turn out more vehicles and generate 130 billion yuan (15.66 billion US dollars) in sales revenue this year.

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