Weapons maker becomes China's 4th biggest auto producer

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Last updated at: (Beijing Time) Monday, January 12, 2004

Weapons maker becomes China's 4th biggest auto producer

China Weaponry and Equipment (Group) Corporation sold 410,000 motor vehicles in 2003, up 34.1 percent year on year, becoming the country's fourth biggest auto producer.

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China Weaponry and Equipment (Group) Corporation sold 410,000 motor vehicles in 2003, up 34.1 percent year on year, becoming the country's fourth biggest auto producer.

Xu Bin, general manager of the corporation, said the figure included 400,000 cars and about 10,000 light trucks. It also sold 1.89 million motorcycles in 2003, the most in China in terms of yearly output and sales.

The general manager said the automobile production and sales department helped the company, which had been losing money, become profitable for the first time since it was set up in 1999.

The total sales volume for the group exceeded 50 billion yuan (6.09 billion US dollars) in 2003, while its weapons production and research targets were met, Xu told a meeting of senior managers of the company.

Set up in 1999 on basis of companies of the China Weaponry Industrial (Group) Corporation, the company used to be the biggest loss-maker of the country's 10 biggest military industrial firms in per-capita terms.

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