Changchun Faway Automobile Components Co., Ltd. FY2007
Performance for FY2007 (million yuan)
|- Sales increased, thanks to the robust automotive business in China.
| Operating profit
|- Profit increased due to greater gains in investments, a result of the Company's introducing new accounting standards.
- In December 2007, the Company and Johnson Controls Asia Holding Co., Ltd., an investment bank of Johnson Controls, established a 50-50 joint-venture company in the Automobile Industry Development Zone, Changchun City. The new entity is called Changchun FAW Sihuan Johnson Controls Automotive Metal Parts Co., Ltd. and is capitalized at 9.2 million yuan. It will start producing seat frames to supply to Changchun Fawer-Johnson Controls Automotive Systems Co., Ltd., and FAW-VW in April, 2008. Changchun FAW Sihuan Johnson Controls Automotive Metal Parts plans to build its product capacity to where it can product 530,000 sets of seat frames and and generate sales of 540 million yuan by 2012. Its product development activities will be outsourced to Fawer-Johnson Technical Center.
Changchun Fawer-Johnson Controls Automotive Systems Co., Ltd.
1.New business based on OEM supply contract
- In March 2007, the Company launched the production of seats for use in the Magotan, the new, top-of-the line VW-brand model to be produced and marketed in China.This is the first time for the Company to build B-segment passenger vehicles.
2.New production facilities
- In 2007, the Company started constructing a new plant in the Changchun Economic Development Zone. Annual sales at the new facility are expected to reach 1,930 million yuan.
- In May 2007, the Company installed a whole set of manufacturing equipment from Italy to produce environmentally friendly car roofs. Non-hazardous, water-based polyurethane adhesive is used on the manufacturing lines making these roof linings, which have a high-quality feel. The use of solvent-free water-based polyurethane adhesive largely contributes to reducing environmental impact, since it eliminates harmful formaldehyde and benzene in the production processes, and also in the finished vehicles that may affect occupants' health.
|New product for 2007
|Wheel R&D Center
|Chang-chun FAW Sihuan Automobile Co., Ltd. Wheel Company
|- PQ34 dual-phase steel wheels (These wheels have been approved by FAW-VW)