Friday, March 07, 2008

Guangzhou Automobile's 2007 profit exceeds RMB 10 bln

Guangzhou Automobile Group Co, a Chinese partner of Honda Motor Co and Toyota Motor Corp, posted a prominent profit of more than RMB 10 billion (US$1.4 billion) in 2007, thanks to surging demand for Toyota Camry sedans, said General Manager Zeng Qinghong.

Sales also climbed to RMB103 billion, said Zeng. The company expected to sell up to 600,000 cars in 2008.

Guangzhou Toyota Motor Co, the 50:50 joint venture (JV) between the Chinese car maker and Toyota set up in 2004, sold a total of 170,294 units of Camry last year, which was the fourth best selling car in the country, according to statistics from the China Association of Automobile Manufacturers.

Guangzhou Automobile Group plans to complete the listing of the whole assets within this year, according to Zeng, but he declined to disclose whether the company would list in the domestic or Hong Kong stock market, and when to list.

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