China's FAW Group sees 2007 profit up 252 pct at 12.3 bln yuan
December 26,2007
State-owned FAW Group Corp, one of China's largest automakers, said it expects 2007 profit to rise 252 pct to 12.3 bln yuan due to strong auto sales.
FAW group, a local joint venture partner of Volkswagen AG and Toyota Motor, said in a statement posted on the website of the
State-owned Assets Supervision and Administration Commission (SASAC) that volume sales, including trucks, cars and buses, will increase 23 pct to 1.43 mln units in 2007.
Revenue is seen rising 26.5 pct to 188 bln yuan, the company said.
FAW Group set sales targets of 1.7 mln vehicles and 200 bln yuan in revenue for 2008.
FAW Group added that its Audi and VW brand operations will be profitable this year. It did not elaborate.
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