BEIJING -- FAW-Volkswagen Automotive Co. Ltd., one of Volkswagen AG's Chinese ventures, plans to triple annual car sales by 2007, a company official said Monday.
The venture between Volkswagen and First Auto Works, China's top carmaker, aims to sell more than 600,000 cars a year by 2007, compared with 200,000 cars in 2002, spokeswoman Cheng Rui said.
"That is our target and we will develop more models to achieve it," Cheng said by telephone from Changchun, capital of the northeastern province of Jilin, where the company is based.
Cheng also said the venture plans to sell at least 267,000 cars in 2003, including 138,000 Jettas, 75,000 Boras and 49,000 Audi sedans.
FAW-Volkswagen saw its sedan sales soar 70 percent last year, and executives say the company will raise capacity to 300,000 cars by the end of 2003.
The company sold nearly 43,000 cars in the first two months of this year, Cheng said.
China's car market grew about 50 percent last year, passing sales of 1 million vehicles thanks to rising incomes, lower import tariffs stemming from entry into the World Trade Organization and an explosion of new economy models.
Volkswagen also has another Chinese venture with Shanghai Automotive Industry Corp Group, which manufactures the Santana and Polo models.