DaimlerChrysler reports strong China growth

26th July 2004, Comments 0 comments

26 July 2004, BEIJING - US-German group DaimlerChrysler on Monday said sales of its passenger cars soared 173 percent year-on-year to 22,200 vehicles in the first half of 2004.

26 July 2004

BEIJING - US-German group DaimlerChrysler on Monday said sales of its passenger cars soared 173 percent year-on-year to 22,200 vehicles in the first half of 2004.

The company expects sales growth of about 75 percent to about 40,000 vehicles in China for the full year, DaimlerChrysler said in a statement.

"Over the medium term, China has the same sales potential as important European markets," DaimlerChrysler board member Juergen Hubbert said in the statement.

"The outstanding result for the first half of the year makes us confident that we can successfully implement our long-term growth plans in China," Hubbert said.

Most of the growth came in DaimlerChrysler's joint venture Beijing Jeep Corporation, which sold 16,700 passenger vehicles under the Chrysler, Jeep and partner firm Mitsubishi brands, the company said.

January-June sales of the jeeps and sports utility vehicles rose 240 percent year-on-year, it said.

DaimlerChrysler last month said it planned to invest more than EUR 1 billion in China over the next few years, starting by doubling production capacity of its jeeps and sports utility vehicles this year.

In May, the company agreed a joint project to make Mercedes-Benz C-Class and E-Class sedans in Beijing.

The growth in DaimlerChrysler sales comes against a trend of slowing growth in the Chinese auto sector.

DPA

Subject: German news

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