Shanghai. December 26 (Gasgoo.com) – The First Automotive Works (FAW), one of China’s Big Three automakers, has posted a net profit of RMB 12.3 billion ($1.67 billion) this year, up 252 percent year-on-year, China state new agency Xinhua reported today.
By December 25, FAW has sold a total amount of 1.43 million vehicles, including all commercial and passenger vehicles, an increase of 23 percent from one year earlier. The Auto Group’s total revenue this year has reached RMB 188 billion ($25.57 B), a growth of 26.5 percent from one year earlier, the report said.
The reduction of production costs have contributed to the growth of net profits, the report said. FAW has cut off RMB 3 billion ($408 million) in production costs this year.
The FAW Group has three major production units in China: Tianjin FAW Xiali Automobile Co, located in Tianjin, has a capacity of 200,000 vehicles, where Charade N3, Charade, Vizi, Vela, Dario Terios and Move are produced.
FAW Haima Automobile Co, located in Hainan province, has a capacity of 150,000 units, where Mazda Pharmacy and Family are produced; and FAW Cars Co, located in Changchun of Jilin province, has a capacity of 120,000 units, where Red Flag, Mazda 6 and Besturn are produced.
FAW-Toyota has two production units in Tianjin. The first plant has a capacity of 120,000 units, producing Corolla and Vios vehicles and the second plant has a capacity of 100,000 units, producing Crown and Reiz vehicles.
The FAW-Toyota joint venture opened a third plant in Tianjin in May with annual capacity of 200,000 units. Its total capacity in Tianjin rose to 420,000 units in 2007.
With the launch of Sagitar, Magotan and C class Audi this year, FAW-VW sold 427,950 vehicles in the first 11 months this year, up 41.2 percent from one year earlier.
