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FAW Group targets 3 mln-auto sales for 2012

Feb. 6, 2012 (China Knowledge) - FAW Group, one of the top three automakers in China and the parent company of FAW Car Co Ltd<000800>, aims to sell 3 million vehicles this year, said the group's Chairman Xu Jianyi.

Xu added that the group will try to meet the sales target with an increase of 15% despite of the global economic downturn. Around 70% of the growth would come from the firm's production base in Changchun, capital of Jilin province.

Last year, FAW Group sold 2.6 million vehicles including 1.03 million units from the joint venture with Germany-based Volkswagen AG and 0.5 million units from the joint venture with Japanese auto maker Toyota Motor Co, sources reported.

Revenue of FAW Group totaled RMB 346.4 billion in 2011, up 26.6% from the year 2010, and the company's export value for last year soared 59.4% year on year to US$500 million.

By the end of 2015, FAW Group expects to top China's vehicle market with sales reaching RMB 600 billion, accounting for 20% of the domestic market.

Analysts said China's auto sales may reach more than 20 million units in 2012

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