March 7, 2010 by Tycho de Feijter
ChinaDaily reports that FAW’s (First Auto Works) net profit is up 49.8% compared with 2008. FAW has joint ventures with Volkswagen, Toyota and Mazda and produces cars under their own Besturn and Hongqi brands. The numbers are yet another sign that the Chinese market keeps growing fast despite the recession everywhere else. The numbers do not include FAW’s commercial vehicle sales. China Daily talks:
FAW Car Co, a unit of one of China’s three largest auto makers, First Automotive Works, said Thursday its net profit rose 49.8 percent to 1.6 billion yuan ($234 million) in 2009 from a year earlier, fueled by strong sales.