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Guangzhou Auto’s 2012 profit down 70-80 percent


Guangzhou Automobile Group, one of China's big state-owned auto companies, announced it expects its 2012 net profit to decline by 70 to 80 percent from a year earlier. “The estimated results have not been audited by any certified accountants,” reads the statement cited by Reuters, adding that the figures represent preliminary estimates. Last year, the carmaker posted a net profit of ...
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More china auto industry articles

CAAM: China should develop its brands to become an “automotive superpower”
China should try to become an “automotive superpower” in order to maintain its economic growth, said the head of the country's carmakers group, the CAAM. This goal could be met by ...
Johnson Controls plans 10 new seating plants in China
Johnson Controls has announced plans to build 10 more auto seating plants in China within five years as part of the company's strategy to continue its growth in the world's ...
BMW China CEO to step down at the beginning of next year, report says
BMW China president and CEO Christoph Stark will officially announce his retirement this weekend, according to Economic Observer News. The weekly newspaper quoted internal sources according to which Christoph Stark will ...
Chinese government approves split of Changan Ford Mazda joint-venture
Ford, Mazda and their Chinese partner Changan announced on Friday that they had obtained final approval from the Chinese government to split their joint venture. The three companies had a three-way ...
First Audi Q3 rolls off the assembly line in China
The first Audi Q3 today rolled off the assembly line of the brand's new Foshan plant in China. Until now, the Audi Q3 small SUV has been imported into China from ...
Chinese carmaker BYD expects profit to fall 98 percent this year
Chinese automaker BYD said profit may fall as much as 98 percent this year because of the bad economy. The slowing economy affects demand for BYD cars, batteries and solar-energy cells, ...
Toyota idling its largest Chinese plant for a week
Two of the three production lines at Tianjin FAW Toyota Motor, a joint venture between Toyota Motor and China's FAW Group, will be closed for a week from October 22. The ...
Delphi Automotive breaks ground for diesel fuel injection plant in China
Delphi Automotive has broken ground on a new $100-million diesel fuel injection manufacturing facility in China. The U.S.-based automotive supplier has chosen as location for the new plant the city of ...
Toyota to resume production in China on Monday
Toyota Motor Corporation announced that it will resume operations on Monday at all nine of its plants in China, after the carmaker halted production in response to anti-Japan demonstrations. A Toyota ...

latest automotive news
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