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SAIC takes China car sales mantle
SHANGHAI, China -- Shanghai Automotive Industry Corp (SAIC) says it sold 610,000 vehicles last year, overtaking rivals to become China's largest carmaker by sales. The figure for 2002 was double its 2001 sales. SAIC swept past First Automotive Works (FAW), which for years has been China's pre-eminent carmaker. Earlier this month FAW said it sold 580,000 vehicles last year, helped by buoyant consumer demand in the world's fastest-growing car market. SAIC's turnover rose 22.4 percent to 120 billion yuan ($14.5 billion) in 2002, breaking the $10 billion mark for the first time, a spokesman told Reuters. Shooting for double digits"We also sold more than 410,000 cars in 2002, topping the domestic market, an increase of 36 percent from a year earlier," he added. SAIC will now shoot for double-digit growth in passenger car output this year, and expects to earn 130 billion yuan in revenue, the company said in a statement. It did not give comparative figures for 2002. SAIC's joint venture with Volkswagen, Shanghai Volkswagen Automotive Co Ltd, sold more than 300,000 cars in 2002, the statement said. Car sales at SAIC's 50-50 venture with General Motors, Shanghai GM, also surged 100 percent year-on-year to more than 100,000 units in 2002. Global giants such as General Motors and Volkswagen are focused on the fast-growing China market, where years of 7 percent-plus economic growth have boosted consumer incomes. Japanese makers Toyota, Honda and Nissan have all recently stepped up their production and marketing activities in China. Including overseas joint ventures, Chinese makers sold 3.248 million vehicles in 2002, an increase of 37.1 percent from 2001, official statistics show. Reuters contributed to this report.
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