China's big automaker profit falls 29pc to US$3.6 billion in 2019
SAIC Motor, the biggest automaker in China, reported a 28
SAIC Motor, the biggest automaker in China, reported a 28.9 per cent drop in earnings for last year as an industry-wide sales slump undermined manufacturers' profitability in the world's largest market, reported Bloomberg.
Net income at the company, a partner of Volkswagen and General Motors fell to CNY25.6 billion (US$3.6 billion). Analysts predicted CNY27 billion on average. Revenue fell 6.88 per cent year on year.
Trade tensions and slowing economic growth weighed on car demand in China in the past two years, causing a slump that's been since exacerbated by the coronavirus outbreak.
Automakers are betting on new models to lure potential shoppers back to showrooms as the government loosens stay-at-home orders aimed at fighting the spread of the virus.