Sino-German auto maker rolls out 1 million cars

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Last updated at: (Beijing Time) Wednesday, January 07, 2004

Sino-German auto maker rolls out 1 million cars

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.

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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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