FAW Group Corporation, the second-largest domestic auto manufacturer by sales, aims to sell over 3 million vehicles this year, Xu Jianyi, the company chairman, said at the Jilin provincial People's Congress and CPPCC annual sessions on Thursday.

"Despite the global economic downturn, sales of FAW may continue to increase. We hope to meet the sales target of 3 million vehicles this year, an increase of 15 percent year-on-year," said Xu, who estimates that 70 percent of its growth will come from the production base in Changchun, capital of northeastern Jilin province.

FAW, parent company of Shenzhen-listed FAW Car Co, has engaged in joint ventures with Volkswagen AG, which builds Volkswagen and Audi AG vehicles, and Toyota Motor Co with a portfolio of Vios, Corolla, Reiz and Crown sedans in China.

Last year, sales revenues hit 346.4 billion yuan ($55 billion), an increase of 26.6 percent compared to 2010. It sold 2.6 million cars with Volkswagen AG accounting for 1.03 million units at 19 percent annual growth and Toyota Motor Co selling over half a million units at a growth rate of 5 percent year-on-year.

Exports have surged 59.4 percent to a record $500 million last year, even though global demand for Chinese products shrank due to a global recession.

Xu said the group would raise overseas production levels for more business opportunities in key markets such as Europe, Africa and South America.

By the end of 2015, FAW plans to lead the domestic market in terms of revenues and profits with annual total sales revenues reaching 600 billion yuan, accounting for 20 percent of the domestic auto market.

(China Daily 02/09/2012 page12)