Monday, March 06, 2006

China's First Auto seen exporting 20,000 vehicles to Russia in next 2 years

BEIJING (MarketWatch) -- China's First Auto Works Group plans to export more than 20,000 vehicles and auto parts to Russia in the next two years, the official Xinhua News Agency reported over the weekend, citing an unnamed company source.
FAW exported more than 1,000 vehicles to Russia in 2005, the first year the Chinese company entered the Russian market, the report said. That accounted for just a fraction of FAW's total exports of 14,256 autos last year, according to the report.
"Our target is to turn Russia into a regional core base for FAW's auto exports," the report said, citing Li Weidou, general manager of FAW's import and export unit.
FAW's products exported to Russia include cars and medium- and heavy-duty trucks, the report said.
FAW is China's largest auto group by sales. It has 30 wholly owned units and 17 part-owned units, including Shenzhen-listed FAW Car Co. (000800.SZ). It has joint ventures in China with Japan's Toyota Motor Corp. (TM) and German carmaker Volkswagen AG (VOW.XE).


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