Sino-German auto maker rolls out 1 million cars
( 2004-01-07 21:08) (Xinhua)
As of Wednesday, the FAW- Volkswagen Automotive Company, a Sino-German joint
venture, has produced one million cars, the second half of which were
rolled out in less than two years.
Output of the FAW-Volkswagen amounted to 500,000 cars by February 2002,
and it produced 302,000 cars in 2003 alone, a rise of 58 percent on a
yearly basis.
The company, one of the most profitable Sino-foreign joint ventures,
sold 298,000 cars in 2003, earning 16.2 billion yuan (1. 95 billion US dollars)
in pre-tax profits, up 34 percent year-on- year.
The company was founded in 1991 by China's First Automotive Works based
in Changchun in northeast China's Jilin Province, and Germany's Volkswagen
and Audi, with a total investment of 11.1 billion yuan (about 1.34 billion
dollars).
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