Toyota expects 36% growth in China

Japanese automaker Toyota Motor Corp. is expecting to achieve a 36% increase in vehicle sales in China this year to reach 640,000 units. According to a report for the fiscal year from April 2007 to March 2008 issued by Toyota, it made net profits amounting to about 114.7 billion yuan (US$16.62 billion), a 4.5% year on year increase. The growth is attributed to the continuous growth of operations in its new markets such as China, the Middle East and Russia. According to reports, Tianjin FAW Toyota Motor Co. Ltd. plans to sell 400,000 vehicles this year, expecting to increase by about 50% over last year. FAW Toyota sold more than 90,000 cars in the first quarter of this year; sales growth was higher than the 20% increase of the entire auto sales of the country. (May 16, 2008)

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