First Auto Works (FAW), China's largest car maker, has joint ventures with Volkswagen and Toyota. Its own marque, the Red Flag, is being overhauled after four decades. Only 20,000 Red Flags were sold in 2003, compared to 140,000 Jettas, produced in a joint venture with Volkswagen. Jettas retail at $12,000 (€9,200). An FAW-produced Golf retails for as little as $10,800 (€8,250). FAW also produces the Audi A6 and A4.
Dongfeng Motors has more foreign partners than any other Chinese car maker. Joint ventures with Citroën, Kia, Nissan and Honda have turned out foreign brands' models for the local market. The Dongfeng-Citroën Elysee, which sells locally for $14,000 (€10,730), has proved particularly popular.
Shanghai Automotive Industry Corp (SAIC) produces Volkswagens and Audis for the local market. Recently purchased Korean car maker Ssang Yong and a controlling stake in Britain's MG Rover. SAIC produces the Buick Regal and Excelle in a joint venture with General Motors. Regal start price tags start at $22,000 (€16,860).
Geely Automobile Holdings Ltd, a successful refrigerator maker, produces the low-cost Geely Haoqing, Merrie, Ulion, Meirenbao and Maple cars. Geely aims to double its sales to 165,000 cars this year. Cars sell for $5,000 to $7,000 (€3,830 to €5,365).
Chery became the first Chinese car maker to open a plant abroad, through a joint venture with Iranian partner SKT set to turn out 30,000 units a year. Chery's QQ minicar is wildly popular among young professional women in China. The QQ sells for $6,000 (€4,600), while the company's Qiyun, Fengyun and Oriental Sun saloons retail for $10,000 (€7,665) to $20,000 (€15,330) in China.
China's major car makers mainly produce vehicles under the brands of world auto giants, such as Volkswagen and Citroën. Almost 90 per cent of passenger cars sold in China are foreign brands produced in local joint ventures. The first Sino-foreign joint venture was formed in 1983 between Chrysler and the now-defunct Beijing Automotive Industry Corporation.