H1 profits for China’s auto makers down on lower sales
Sep 06, 2019 15:30
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The semi-annual reports released by some major Chinese automobile producers over the past few days showed that most witnessed declines in their H1 net profit from softening sales amid the overall weakness in the country’s auto industry, Mysteel Global has learned. However, some makers of new energy vehicles (NEVs) still earned good profits during the half.
SAIC Motor Corporation, a major auto producer headquartered in East China’s Shanghai, watched its net profit over January-June decline by 27.5% on year to reach Yuan 13.8 billion ($1.93 billion), an August 30 company release showed. SAIC Motor attributed the fall in profit to the marked decline in sales and