Jianghuai Automobile Co Ltd, one of China's leading commercial vehicle manufacturers, expects its accelerated development of passenger cars will help maintain its competitiveness.

The Anhui-based company said it had developed 10 passenger car models already and would launch mid-to-high sedans, a compact model as well as sports utility vehicles starting from next year after getting government approval.

The company produces only one passenger model, a multi-purpose vehicle called the Refine, which contributed to more than 70 percent of its sales last year. The model was the first Chinese car to break into the European market.

The company, the nation's ninth-biggest carmaker, maintained a more than 50 percent profit growth last year despite fierce competition in China.

However, fueled by rising incomes, China's passenger car market has experienced faster development compared to commercial vehicles, which were affected by tightened macro control.

"Our quick expansion would be limited if we didn't actively drive into the booming passenger car market now," said Li Jianhua, deputy general manager of the marketing division of Jianghuai Automobile Sales Co Ltd.

The company aims to achieve a 10 to 20 percent sales growth over the next five years.

The Shanghai-listed company said its under-construction manufacturing plant will be able to turn out 50,000 units annually after its completion in October.

The total investment was estimated at about 1.8 billion yuan (US$225 million).

Source:佚名