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SAIC, FAW leap forward in Fortune 500 rankings

Ally From Gasgoo.com | July 18 , 2008 12:10 BJT

Shanghai, July 18 (Gasgoo.com) China's Shanghai Automotive Industry Corporation (SAIC) and FAW Group Corporation (FAW) both move forward by leaps and bounds in the latest rankings of 2008 World Fortune 500 published by US Fortune magazine recently.

SAIC was rated at the 273rd position in the Fortune 500 with 2007 sales revenues of $22.607 billion while FAW was ranked at the 303rd with revenue of $26.391 billion. The two Chinese automobile groups claimed the 475rd and 470rd spots respectively last year.

Though lagging behind FAW in sales revenue, SAIC's sales volume was the highest in 2006 and 2007 in China and hit 990,000 cars during the first half of 2008. FAW sold 870,000 vehicles in the Jan-June period with sales revenue of $16.258 billion.

Top on the Fortune 500 list remains the US retail giant Wal-Mart, followed by Exxon Mobil and Royal Dutch Shell, two petrochemical firms.

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