China's Jiangling Motors Hints At 30 pct Sales Increase

SHANGHAI, Dec 18 Reuters reported today that China's Jiangling Motors , in which Ford Motor Co has a 29.96 percent stake, said on Tuesday its sales volume is expected to grow nearly 30 percent to 46,650 units in 2002.

The Jiangxi-based auto maker planned to sell 12,000 Transit vans, produced with Ford technology, and about 34,650 light trucks next year, a company official said.

``We will very likely achieve the 36,000 sales target for this year, so we expect further growth next year as the market potential is still there,'' the official told Reuters. He declined to be identified.

Jiangling sold more than 28,000 vehicles in 2000.

The official said sales of the Transit, which accounts for about one third of China's high-end van market mainly for business use, was expected to hit 7,000 this year.

Jiangling Motors, listed on the Shenzhen stock market, said in a statement on Tuesday it aimed to reap revenue of 4.22 billion yuan ($509.9 million) in 2002.

Jiangling's B shares, which foreigners can trade, rose 1.60 percent to HK$3.82.

The statement published in the Securities Times newspaper did not give a comparative figure and the Jiangling official declined to give an estimate.

($1 equals 8.276 Yuan)