FAW reports record sales

Major Chinese automaker First Automobile Works (FAW) Group said its sales volume and revenue both reached record highs in 2008. The automaker said it sold more than 1.53 million vehicles in 2008, a 6.75% increase from 2007. Sales revenue totaled a record high of 218.4 billion yuan (US$31.9 billion), up 8.8% from 2007. FAW now has 28 wholly owned subsidiaries and a controlling interest in 18 partly owned subsidiaries, according to a document posted on the company’s website. (January 15, 2009)