March 8th, 2010  - by admin

China’s FAW Car Co said Friday its net profit for 2009 jumped 49.8 percent to 1.63 billion yuan (238.8 million dollars) as sales surge in the world’s fastest growing auto market. FAW Car is the listed unit of China FAW Group, the nation’s second-largest  auto maker by sales after SAIC Motor and one of German car maker Volkswagen’s partners in China.The car maker, which is scheduled to release its audited annual report in late April, said it had “successfully grasped the opportunity of fast market growth” last year.
The company said its unaudited revenue rose 37.0 percent last year to 27.74 billion yuan, according to a preliminary 2009 earnings announcement filed with the Shenzhen Stock Exchange. Its earnings in 2008 were 1.09 billion yuan.
Chinese auto makers have benefited from soaring auto sales in 2009 due to government policy incentives, outstripping those of the United States for the first time last year to make the Asian giant the world’s biggest auto market. Annual sales rose 46 percent to 13.6 million vehicles in 2009, according to  the China Association of Automobile Manufacturers.

These incentive measures, mostly extended into 2010, included slashing  taxes on cars with engines smaller than 1.6 litres and subsidising  clean-technology vehicles. FAW’s Hi-roofs are also available in Pakistan with name of ROMA Hi-roofs.