| Honda's JV produces 1 mln cars |
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issue time:2007-03-10 08:12
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Feb. 12, 2007 (China Knowledge) – Guangzhou Honda Automobile Co. has become China's fourth carmaker – after Shanghai Volkswagen, FAW Volkswagen and Shanghai General Motors – to produce one million cars, announced the company office in Beijing on Sunday.
The Sino-Japanese carmaker, established in 1998, increased its annual output from 10,000 cars in 1999 to 260,000 in 2006.
Guangzhou Honda brought out the hugely popular Accord in 1999 to fill a gap in the Chinese market for high-end private cars. In 2003, when the older model was still selling well, Honda pulled it from the production line and introduced a new, relatively inexpensive successor, forcing down the prices of similar vehicles.
China currently has 30 sedan manufacturers currently, nine of which produce more than 200,000 units a year.
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