Dongfeng Motor Co relocates HQ to Wuhan
By Yu Qiao (China Daily)
Updated: 2006-06-22 10:23 The venture will also move its truck research and development (R&D)
centre to Wuhan from Shiyan soon, it said. However, Shiyan will remain the
manufacturing base for trucks and spare parts. Dongfeng Motor Co has a car
R&D centre in Guangzhou, capital of Guangdong.
The relocation is part
of the venture's preparations to expand overseas with trucks, Nakamura said,
without elaborating.
He also said the move will help the venture attract
more young talent.
The venture aims to boost its annual sales to 620,000
vehicles by 2007, including 320,000 trucks and buses and 300,000 cars, he said.
It expects to sell 460,000 vehicles in total this year, up from 403,000
units in 2005.
China's overall vehicle market is predicted to grow to
around 7 million units this year from 5.7 million last year.
The venture
also aims to increase annual turnover to 80 billion yuan (US$10 billion) with an
operating profit margin of 10 per cent by 2007.
Dongfeng Motor Corp, the
parent company, moved its headquarters to Wuhan in 2003 from Shiyan.
China established the carmaker in Shiyan at the end of the 1960s due to
national security concerns.
The group also runs three car joint ventures
with Japan's Honda Motor, PSA Peugeot Citroen of France and South Korea's Kia
Motors.
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