Business
Last updated at: (Beijing Time) Thursday, April 01, 2004
Sino-Japanese joint venture to produce new car varieties
The 300,000th car of Honda (Guangzhou) Motor Co. Ltd., a joint venture between Honda Motor Co.Ltd. of Japan and Guangzhou Automobile Group Corp. of China, rolled off the production line Wednesday in Guangzhou.
The car was assembled on the production line which had been upgraded at a cost of 5 billion yuan (about 602 million US dollars)to a capability of making 240,000 automobiles annually, said sources with the joint venture.
"With the newly upgraded production line in operation, Honda (Guangzhou) will be able to churn out 1,000 sedans every day on average," said Zeng Qinghong, deputy general manager of Honda (Guangzhou) Motor Co. Ltd.
According to Zeng, his company will add three new car varietiesto the market and will increase the number of exclusive dealerships to 250 across the country this year.
Honda (Guangzhou) has produced Accord cars, a kind of larger passenger car, Odyssey minivans and 1.3-liter Fit Saloon compact cars. The first car made by the joint venture, an Accord, rolled off the production line on March 26, 1999.
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