FAW Xiali in 2003 sales up 33 percent

China's FAW Xiali posted a nearly 33 percent rise in 2003 sales from its joint venture with Japan's Toyota Motor Corp thanks to China's thriving car market.
Tianjin FAW Xiali Automobile Co Ltd, China's third-largest listed car maker by market capitalisation, sold 115,000 cars in 2003, parent First Automotive Works said on its Web site at www.faw.com.cn.
FAW Xiali, which makes Toyota's Vios, said it returned to the black in the first three quarters of 2003, posting a net profit of 469.37 million yuan ($56.71 million) compared with a net loss of 582.60 million yuan in the same period of 2002.
Tianjin-based FAW Xiali had warned earlier in the year that price cuts in June and September - a result of cut-throat competition in the world's fastest-growing major car market - could weigh on sales.
FAW, China's largest vehicle maker, said it sold 900,000 vehicles last year, a rise of 33.21 percent.