AVIC's auto sales revenue to hit 30 bln yuan by '17

Aviation Industry Corporation of China (AVIC), the country's top aircraft manufacturer, said Sunday total sales revenue in its auto business would reach 30 billion yuan (about $4.39 billion) by 2017.

Geng Ruguang, deputy general manager of AVIC, said making big passenger vehicles has become the the corporations's guiding plan for development in its auto business.

Geng revealed the figure at a ceremony marking AVIC and its partner Volvol's new product Silver 900 series going into production line.

The series is a new type of big and luxurious passenger vehicles, 12 meters long, which could be used for road transportation, tourist reception, and military equipment.

The Silver 900 series was developed by Xi'an Silver Bus Corporation, a joint venture established in 1994 by AVIC Xi'an Aircraft Industry Co. ltd, and the Swedish bus and truck maker Volvo company.

The Xi'an Silver Bus Corporation expects to produce annually 4,000 vehicles by 2014.