FAW Car sees Q1 net profit soar 182% on strong sales

Chinese auto maker FAW Car Co Ltd said yesterday that its net profit jumped 182% year on year to RMB 701 million in the first quarter of the year, helped by strong vehicle sales.

Revenue increased 66.4% year on year to RMB 8.43 billion from RMB 5.07 billion in the corresponding period of last year, the company said in a filing with the Shenzhen Stock Exchange.

FAW Car is the listed unit of China FAW Group Corp, which is the second-largest auto maker in China behind SAIC Motor Co.

FAW Group earlier said that its first-quarter sales increased 72.9% over the same period last year to 630,758 vehicles. Sales of FAW Car's own models, including the Hongqi HQ3 and the Besturn B50, soared 184% year on year.