Han hails SVW's 20th anniversary
1/11/2004 16:57
Jane Chen / Shanghai Daily news
Shanghai's Mayor
Han Zheng spoke on October 29 at a ceremony to celebrate the 20th anniversary of
the founding of the Sino-German automobile plant Shanghai Volkswagen Automobile
Co Ltd.
Guests, key suppliers and dealers from China and Germany who have
either witnessed or participated in the joint venture's establishment and
development also attended the ceremony.
The guests included Dr. Volker
Stanzel, Germany's Ambassador to China.
Shanghai VW's past two decades have
provided a prime example of the development history of Shanghai and China's
modern auto industry.
Since its startup on October 12, 1984, the hybrid
venture between the Shanghai Automobile Industry Corporation Group and
Volkswagen AG has reported skyrocketing increases in registered capital of
nearly 50 times, hitting 7.8 billion yuan (US$943 million), while its total
assets have shot up 37 times to 36 billion yuan.
The company's distributing
and after sales service networks operate over 1,200 outlets nationwide in more
than 70 percent of the cities.
Improving to become China's largest auto maker
and the biggest share holder in its auto market, SVW has contributed 50 billion
yuan in taxes, nearly the total of that of 50 SAIC during the company's initial
establishment half a decade ago.
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