Guangzhou Auto sees 2008 revenue up over 10 pct
BEIJING, March 6 (Reuters) - China’s Guangzhou Automobile
Industry Group (GAIG), parent of Hong Kong-listed Denway Motors
(0203.HK: Quote, Profile, Research), sees sales revenue growing at more than 10 percent in
2008, the company’s general manager Zeng Qinghong said on
Thursday.
Zeng said the company hoped to list this year, but declined
to confirm a report in a Hong Kong newspaper that it was eyeing a
dual listing in China and Hong Kong to raise $1 billion.
“We are trying our best and hope it would be this year,” Zeng
said, when asked for a timetable.
Zeng said GAIG, a joint venture partner of Honda Motor Co
(7267.T: Quote, Profile, Research) and Toyota Motor Corp (7203.T: Quote, Profile, Research), would boost output 18
percent to reach 600,000 units in 2008.
GAIG would also welcome opportunities to team up with U.S. or
European auto makers, Zeng said, but planned to launch
self-innovated cars by 2010, which would ideally account for
one-fourth of the company’s total output in the long term.
The company estimated its 2007 sales revenue increased 47
percent to 108.4 billion yuan ($15.25 billion) on the previous
year, according to its Web site (www.gaig.com.cn).
($1=7.108 Yuan)
(Reporting by Xiangjin Zeng, writing by Langi Chiang.)
