China's Top Auto Maker Reports Double Digit Sales Growth

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Last updated at: (Beijing Time) Saturday, August 31, 2002

China's Top Auto Maker Reports Double Digit Sales Growth

Shanghai Automotive Group Co., the largest automobile manufacturer in China, reports a record year-on-year sales increase of 23.7 percent for the first half of the year.

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Shanghai Automotive Group Co., the largest automobile manufacturer in China, reports a record year-on-year sales increase of 23.7 percent for the first half of the year.

The company sold 208,168 cars, all manufactured in Shanghai, between January and July.

Shanghai Volkswagen Automotive Co. and Shanghai General Motor Co., two joint venture companies under the group, had to operate at full capacity to meet market demands during the summer.

The models marketed by the group include an improved version ofSantana, as well as Polo, Sail and Buick.

The company is well on its way to achieving its sales target this year of 335,000 cars. Hu Maoyuan, president of the group, said the company plans to increase its annual production output toone million by 2007.

Car sales in China have been brisk this year due to price cuts following China's entry into the World Trade Organization, the rising purchasing power of the country's emerging middle class, and the country's policy to boost domestic demand for cars.

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