FAW-Sihuan Auto targets 11% growth in sales for 2008

Changchun FAW-Sihuan Automobile Co Ltd, the parts-making unit of China's second-biggest auto producer, targets an 11% jump in its 2008 sales, according to its statement.

The auto parts maker aims to boost its sales to 3.68 billion yuan (US$531 million) this year, compared with 3.32 billion yuan last year, backed by the growing production from its parent's joint venture with Toyota Motor Corp and Volkswagen AG.

The company's main product is automobile wheels, which contributed approximately 78% of its total revenue last year. It posted a net profit of 15.7 million yuan in the first quarter of this year, up nearly 150% from 6.36 million yuan a year earlier.