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Chinese auto giant FAW reports record sales in 2008

(Xinhua)
Updated: 2009-01-15 14:19

China's major automaker First Automobile Works (FAW) Group said Thursday its sales volume and revenue both reached record highs in 2008.

The automaker said it sold more than 1.53 million vehicles last year, a 6.75 percent increase from 2007.

Sales revenue totaled a record high of 218.4 billion yuan ($32.12 billion), up 8.8 percent from the previous year.

Headquartered in Changchun, capital of northeast China's Jilin province, FAW was founded in 1953. It now has 28 wholly owned subsidiaries and controlling interest in 18 partially-owned subsidiaries, according to a document posted on the company's website.

They include: FAW Jiefang Truck Co Ltd; FAW Bus and Coach Co Ltd; FAW Car Co Ltd; Tianjin FAW Xiali Automobile Co Ltd; Changchun FAW Sihuan Automobile Co Ltd; FAW-Volkswagen Automobile Co Ltd; and Tianjin FAW Toyota motor Co Ltd.

FAW-Volkswagen Automobile Co Ltd, a Sino-German sedan car maker, ranked first in the country for selling 499,000 cars last year.

Nationwide, Chinese automakers sold 9.38 million vehicles last year, posting a 6.7 percent rise in sales compared with the previous year. However, the increase was the lowest in 10 years, the China Association of Automobile Manufacturers (CAAM) said Monday.

The growth rate was 21.84 percent in 2007.

CAAM figures included auto exports, but did not cover sales of imported cars on the domestic market.

The country's automakers rolled out a total of 9.34 million vehicles last year, up 5.21 percent from 2007.