Beijing's automotive industry reports hefty rises in output, sales

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Last updated at: (Beijing Time) Friday, October 24, 2003

Beijing's automotive industry reports hefty rises in output, sales

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Beijing Automotive Industry Shareholding Co. Ltd. produced 245,424 automobiles and sold 241,254 in the first three quarters of the year, up 90.9 percent and 89.8 percent from the same period last year.

An Qingheng, chairman of the board of the Beijing Automotive Industry Shareholding Co. Ltd., told Xinhua Thursday that they raked in 22.35 billion yuan (about 2.69 billion US dollars) in sales revenue and a pre-tax profit of 1.51 billion yuan (about 183 million US dollars) from January to September, up 192.7 percent and 375.3 percent, respectively, and both record highs.

Beijing city's original plan for production and marketing this year was set at 220,000.

But An is confident of producing and selling over 300,000 motorvehicles in 2003, with the sales revenue exceeding 30 billion yuan(about 3.62 billion US dollars).

The automotive sector contributed 49 percent to Beijing's industrial growth in the first three quarters of the year, said An.

Earlier this year, the Beijing Automotive Industry Shareholding corporation has also set a target of producing and selling some 500,000 motor vehicles and chalking up 50 billion yuan (about 6.02billion US dollars) in sales revenue in 2005.

An Qingheng predicted that his corporation would be able to meet that target ahead of time and would turn out and market approximately 500,000 motor vehicles next year.

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