China FAW Group Corporation Sales Target to Exceed 2.3 Million Vehicles in 2010

SHANGHAI, Jan. 28 (SMM) – According to the sourcing conference, China FAW Group Corporation set a goal of automobile sales at more than 2.3 million vehicles in 2010, with sales revenue expected to reach RMB 290 billion.

Stimulated by the Central Government's stimulus packages, the development of China's automobile market in 2009 is well better than expected, with surging growth reported. Of those, China FAW Group Corporation sold 1.95 million vehicles, with sales reaching RMB 260.8 billion, up 26.9% and 23.4% YoY, respectively.

China FAW Group Corporation, with strong confidence for its development in 2010, set the sales target of above 2.3 million mt, with sales revenue expected to reach 290 billion. 

Jin Yi, vice president of China FAW Group Corporation said China's automobile industry is now on a positive development track, and will enter into the second high-speed development phase. The continuing implementation of automobile subsidy program in rural area in 2010, and the increases of subsidy for the replacement of old vehicles to RMB 18,000 from RMB 5,000, as well as the preferential policy for new energy automobile will all favor the development of the domestic automobile sector.

Vehicle is one of major consumers of lead-acid batteries. Automobile demand for lead-acid batteries is relatively stable compared with that from e-bikes, which is now negatively affected by the unclear e-bike regulation. It is believed that lead-acid battery demand from the automobile industry will improve further in 2010 along with the sustainability of the government's stimulus packages for the industry.

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