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Chinese auto giant's record sales

The Shanghai Automotive Industry (Group) Corporation (SAIC) sold a record 610,000 motor vehicles in 2002, including 410,000 cars, up 36 per cent year on year.

Sales revenue totalled $14.6 billion – another record high.

Two joint ventures under the group, the Shanghai Volkswagen Co. Ltd. and Shanghai GM Co., Ltd., also posted record production and sales volumes.

Shanghai Volkswagen, one of the biggest car producers in China, sold more than 300,000 vehicles while Shanghai GM sold 110,000 Buick sedans.

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