Guangzhou Auto rolling in cash – makes 6.3 billion RMB profit in half year

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Celebrations will be going off in style in Guangzhou Honda offices with the news of their 6.3 billion RMB profit in the first of half 2008. Guangzhou Auto sold 252,180 automobiles, which is nearly at its maximum capacity of 260,183 vehicles. Perhaps the government will be even happier than Guangzhou Automobile, with Guangzhou Automobile paying 11.3 billion RMB in tax into government coffers in the first half of 2008 alone.

According to Guangzhou Autos plans for 2008, Guangzhou Auto plan to sell 600,740 vehicles, which is an increase of 90,330 or percent increase 18.16%. Guangzhou Auto also plans to produce 1 million motor bikes, which will be an increase of 100,000 motorbikes or an increase of 12%. Guangzhou Auto also plans to see a year end profit of around 11.48 billion which is an increase 11.58%

Guangzhou Auto has joint ventures with the big Japanese marques such as Toyota and Honda, and also plan to launch their own range of cars in the next couple of years.