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Shanghai Auto Leads Chinese Car Industry
Shanghai Automotive Industry Corporation, a combination of several local companies, has secured a 45 percent share of the Chinese car market, ranking first in China's auto industry.
The corporation generated 88.29 billion yuan (about US$10.63 billion) in sales revenue in 1999, with profits reaching 6.2 billion yuan (about US$746 million).
Its Volkswagen, Santana and Passat sedans are now exported to Thailand and some other Asian countries. The corporation's export volume amounted to US$87.2 million last year.
Sun Zhaolan, deputy chief engineer with the Shanghai Auto's automotive technology center, attributed the success to technical renovations over the past two decades.
The corporation spends at least 4 billion yuan (about US$481 million) on product research and development every year.
Several technological and engineering centers have been established to boost the development of brand products.
According to Sun, the corporation is now considering developing economy cars to meet growing market demand.
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