Dongfeng Motor Plans To Nearly Double Car Sales To 3.6 Million In 2015
April 01 2011 - 5:41AM
Dow Jones News
Dongfeng Motor Group Co. (0489.HK) said Friday it expects its
car sales to nearly double to 3.6 million units in 2015 from 2010
amid China's rising domestic demand for automobiles, and the
Chinese auto maker is seeking acquisition opportunities to expand
overseas.
Chairman Xu Ping told a news conference the company's 2011 car
sales target remains unchanged at 2.16 million units, even after
analysts said they were concerned about possible production
disruptions after the devastating earthquake in northern Japan, and
even as the Beijing government's measures to limit the issuance of
new car license plates early this year could slow car sales. The
company sold 1.95 million vehicles in 2010.
He added the company and its joint venture with Nissan Motor Co.
are both unaffected by the earthquake in Japan so far. "If there's
any impact, it would be very minimal. But in the long run, we'd
continue to monitor the situation in Japan and adjust our
production plans accordingly," Xu said, with out elaborating.
Dongfeng Motor is the main listed unit of state-owned Dongfeng
Motor Corp., China's third-largest auto maker by sales volume after
SAIC Motor Corp. and FAW Group Corp. Apart from having joint
venture with Nissan Motor, it also has joint production ventures
with Honda Motor Co. and Peugeot SA.
Dongfeng Motor's 2010-2015 capital expenditure is expected to
total CNY75.4 billion, as the Chinese car maker plans to boost its
production capacity to 3.64 million units by 2015 from 1.72 million
in 2010.
-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002;
joanne.chiu@dowjones.com
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