Changchun Faway Automobile Components Co., Ltd. Business Report FY2010
By taking advantage of the government's incentive programs, the Company was able to reinforce and adjust its product mix, as well as reorganize its corporate structure. As a result, the Company achieved the best sales performance in history.
The sales of wheels increased 58.81% and the sales of all other auto parts also increased a lot.
|Operating profit||634.33||343.3||84.77%||-Profits increased as a result of increased sales.
-The Company made some breakthroughs in its R&D activities.
-The production efficiency of manufacturing bumpers increased and the cost reduced.
Joint Ventures-Toyota Boshoku (China) Co., Ltd. and the Company will establish an automotive interior parts manufacturing joint venture based in Changchun, Jilin Province, in August 2010. Toyota Boshoku (China) will hold a 60% stake in the new company "Changchun Faway Toyota Boshoku Auto Parts Co., Ltd." while the remaining 40% interest will be held by Faway. A total of 183 million Chinese yuan (approximately 1,757 million yen) will be invested. The JV plans to start manufacturing components for Corolla models including seats, door trims, carpets and luggage trims for Corolla models and deliver them to the new Changchun plant of Sichuan FAW Toyota Motor, beginning the first half of 2012. Its production capacity is expected to be 100,000 units per year. Changchun Faway Toyota Boshoku Auto Parts will be the second joint venture between Faway and a Toyota Boshoku group company, following Tianjin Intex Auto Parts Co., Ltd. In the Changchun region, Toyota Boshoku currently manufactures Land Cruiser seats to be delivered to the Sichuan FAW Toyota's Changchun Plant (current plant) at the Changchun branch of Tianjin Intex. (From a press release on July 30, 2010)
-The Company and Changchun Gaoxin Automotive Accessories Co., Ltd. agreed on January 8 for Changchun Faway to acquire 51 percent of Changchun Plastal Gaoxin Automotive Accessories Co., Ltd.'s (Plastal's) shares and capital held by Gaoxin (purchased amount 55.7million yuan). The new joint-venture, named Changchun Faway Gaoxin Automotive Accessories Co., Ltd. and capitalized at 74.13 million yuan, will manufacture automotive coatings, injection molded components, and surface-treated components.(From an announcement by the company, January 12, 2010)
-The Company and Yanfeng Plastic Omnium Automotive Exterior Systems are planning to establish a joint-venture company in Chongqing City also, following their existing joint-venture company in Chengdu City. (From an announcement by the company, January 30, 2010)
-The Company will establish Chengdu Faway Wheel Company in Chengdu in order to be in close proximity to FAW-VW's new vehicle assembly facility now under construction in the same city. Chengdu Faway Wheel will produce passenger-car wheels. (From an announcement by the company, January 28, 2010)
|Wheel R&D Center||Changchun Faway Automobile Components Co., Ltd. Wheel Company|
|Faway-Johnson Technical Center||Changchun Faway-Johnson Controls Automotive Systems Co., Ltd.|
-Faway-Johnson Technical Center became the provincial-level technology center.
Investment activity in 2011
|Project||Planned amount of investment
(in million yuan)
|Amount invested in FY2010
Percentage of amount already spent
|Technological improvement on Wheels and Bumpers in Chengdu