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SAIC ranks 273rd in Fortune 500

From tradingmarkets.com| July 16 , 2008 09:23 BJT

Shanghai Automotive Industry Corporation (Group) (SAIC), the largest car group in China by sales volume, has been rated at the 273rd position in the Fortune 500 with 2007 sales revenues of $22.607 billion.

In spite of succumbing in sales revenue to China FAW Group Corporation (CFGC), which was the highest raking Chinese car group in the Fortune 500 list with revenue of $26.391 billion, SAIC's sales volume was the highest in 2006 and 2007 in China and hit 990,000 cars during the first half of 2008, also the most in the country. Its profit in 2007 was $7 million higher than CFGC.

SAIC has planned to sell 1.9 million cars this year, hoping to exceed CFGC again in volume. To realize that goal, the Shanghai-headquartered company is speeding up the development of its proprietary products, launch of more car models in its ventures with Volkswagen and General Motors and consolidation of its commercial car businesses.

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