Chinese automobile industry expects lower profits

Tuesday, 05 July 2005 11:33:17 (GMT+3)   |  
       

Chinese automobile industry expects lower profits

The Chinese partners of General Motors and Ford announced that they expected net earnings in the first half of 2005 to drop more than 50%. Chongqing Changan Automobile Co. Ltd., a partner of Ford Motor, and Shanghai Automotive Co. Ltd., owner of GM's main Chinese car plant, both announced that they expected profits to be down by more than 50% year on year in the first half of 2005. The two companies blamed the tough competition in Chinese auto market and the rising raw materials costs for the drop in their earnings. The earnings of Changan was RMB 798.72 million ($96.5 million) in the first half of 2004, while Shanghai Automotive's earnings were RMB 1.43 billion ($173 million).

Similar articles

Mexican domestic scrap prices

28 Mar | Scrap & Raw Materials

Carbon and stainless scrap prices in Taiwanese domestic market - week 13, 2024

28 Mar | Scrap & Raw Materials

Turkey’s deep sea scrap prices stabilize at $385-390/mt CFR

28 Mar | Scrap & Raw Materials

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Ex-Brazil BPI exporters achieve slight rise in latest deals to US amid better scrap sentiment

28 Mar | Scrap & Raw Materials

Global DRI output up 7.6 percent in February

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

MOC: Average steel prices in China down slightly during Mar 18-24

28 Mar | Steel News