- Advertisement -

FAW reports $7.88m net loss in Q3

Reading Time: < 1 minutes

More News Like This Even Faster?

Priority News Access

Car Database

Calendar of Upcoming Events

Chinese EV Sales Data

FAW Car Co, a unit of one of China’s three largest auto makers, reported Sunday a net loss of 49.86 million yuan ($7.88 million) in the third quarter of this year because of slowing sales in the world’s largest auto market.

Sales revenue declined 25.38 percent year-on-year in the July-September period to 6.65 billion yuan, the company said in a statement to the Shenzhen Stock Exchange.

The company attributed the loss to a combination of various factors, including the withdrawal of the government’s favorable policy to stimulate auto sales, rising oil prices and the new car purchase restriction in Beijing, which all hurt sales. Higher costs also added the company’s financial pressures.

The company’s net profits plunged 57.79 percent year-on-year in the first nine months to 753.77 million yuan, it said. Its auto sales in the January-September period surpassed 180,000 units, down 2 percent from a year earlier.

Via: ChinaDaily.

Exclusive Content & Car Database

Try Our New Product. Priority Access, Chinese EV Sales & Car Database, or List Of Upcoming Events. Great For Journalists, Investors, Consultants or anyone who likes Chinese EVs.

News instantly?

Get notified about every news in your phone.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -