Changan Auto doubles profits in first nine months
Chongqing Changan Automobile Co. estimates that it earned 1.7 billion to 1.8 billion yuan ($254 million to $269 million) in the first nine months of 2010, doubling its profits from a year earlier.
The state-owned automaker's profits got a strong boost from higher sales, which soared 33 percent to 1.3 million units through September. Changan is China's third largest domestic automaker.
Changan, which is located in southwest China's city of Chongqing, makes commercial mini-vehicles and sedans. It also runs a joint venture with Ford Motor Co. and Mazda Motor Corp., which is building a new engine plant in Chonqing.
The company also has formed a joint venture with French automaker PSA Peugeot Citroen to produce passenger cars and commercial vehicles.
Changan has ambitious expansion plans. It has begun construction of an 11.5 billion yuan assembly plant and engine factory in suburban Beijing, which will begin production next July.
