FAW Car targets annual output of 400,000 units by 2010

FAW Car Co. Ltd, a Shenzhen-list unit of First Automotive Works (FAW), one of the three biggest Chinese auto markers, targets to boost its annual output capacity to 400,000 units by 2010.

The Chinese auto producer will increase production output to 200,000 units yearly of its home-grown models  in the following two years, including Hongqi and Besturn models. According to industry analysts, the current annual production capacity of FAW Car stands at approximately 100,000 units.

FAW Car has started expansion construction for its home-grown vehicle models, which is scheduled to be completed by 2010.

FAW Car had sold 59,300 vehicles during Jan-Jun period of this year, according to the company's interim financial report. Sales of Besturn in the period surged by 175% year-on-year with average month sales reaching 3,800 units and in January alone, sales even hit 5,000 units. The company's sales target is 50,000 units for 2008,
 
Net profit for the first half of this year amounted to RMB 505 million, a remarkable increase of 206% compared with the corresponding period of last year. The total profit reached RMB 688 million during the first six months, representing a sharp increase of 231% year-on-year.