Guangzhou Auto posts record profits $1.38 B last year.
source: Gasgoo.comJanuary 28, 2008 – Guangzhou Automobile Industry Group posted a record net profit of RMB 10 billion ($1.38 billion) last year, the company announced last week.
The company’s sales revenue last year reached a record 100 billion yuan ($13.79 billion) last year. Analysts said the robust sales increase of Guangzhou Honda and Guangzhou Toyota are driving forces behind Guangzhou Auto’s phenomenal profit growth.
In comparison with FAW Group, Dongfeng Group and Shanghai Auto, Guangzhou Auto is still lagged much behind in automobile output, but not in net profits. Last year, both FAW Group and Shanghai Auto net profits reached 12.3 billion yuan ($1.70 billion).
Guangzhou Auto currently has two Japanese joint ventures: Guangzhou Honda and Guangzhou Toyota.
Guangzhou Honda produces Accord, Fit, City and Odyssey vehicles. Last year, Guangzhou Honda sold 295,299 Honda vehicles. Guangzhou Toyota sold Camry (Yaris will be produced this year). Last year, Guangzhou Toyota sold 170,294 Camry vehicles.