Sino-French Joint Venture Sets Production GoalThe Dongfeng-Citroen Automobile Co. Ltd., a joint venture between the Dongfeng Automobile Company based in Shiyan City of Hubei Province and Citroen of France, will produce and sell 63,000 cars this year.The joint venture is also determined to make eight billion yuan (about US$964 million) in sales and rake in 420 million yuan (US$50.6 million) in profits this year, said an executive of the joint venture, which is headquartered in Wuhan, capital of the central province. In the meantime, the joint venture will also make US$30 million in earnings from exporting car parts and components, said the executive. The company has designated 2001 as the year of best service and is determined to raise the penetration ratio of Citroen cars on the Chinese market to over 10 percent. While concentrating efforts on the market, the joint venture will also develop five new types of cars this year in a bid to gain an edge over the competition, the executive added. |
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