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Old 07-20-2006, 07:39 PM   #2
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Default SAIC, FAW drive into Fortune 500

Jin Jing
TWO Chinese car giants drove themselves into the new Fortune 500 list as a result of the nation's booming auto industry.

SAIC, the Chinese partner of General Motors Corp and Volkswagen AG, took the 475th position with a sales revenue of US$14.3 billion for 2005, two years after it entered the list in 2004.

First Automobile Works Group, China's largest automaker, maintained its name on the list for a second consecutive year and was No. 470 with revenue of US$14.5 billion.

However, its ranking dropped from No. 448 in the last list with US$13.8 billion sales income.

FAW's profit for 2005 totaled US$116 million while SAIC's was US$21 million.

Analysts said SAIC's acquisition of South Korea's Ssangyong Motors Corp, which increases its sales, helped the Chinese automaker back onto the list this time in addition to its rapid development in car manufacturing in the Chinese market.

SAIC overtook FAW as China's largest carmaker for the first time last year when it sold 1.05 million vehicles, a 24 percent jump from a year earlier.

The Shanghai-based company also sold over 680,000 units in the first half of this year.
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