FILE PHOTO: A Haval H6 Coupe from Great Wall Motors is displayed at Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. REUTERS/Aly Song
BEIJING (Reuters) – China’s Great Wall Motor Co Ltd (601633.SS), (2333.HK) said on Friday it had swung to net accident in the aboriginal division this year afterwards its accumulation alone 13.6% aftermost year, as the coronavirus catching hits the world’s better auto market.
The Baoding-based company, which has a collective adventure with German affluence automaker BMW (BMWG.DE), said in a banal barter filing it appear a 650 actor yuan ($92 million) net accident in the aboriginal three months this year, bottomward 184% from a 773.3 actor yuan accumulation a year earlier.
Hit by the coronavirus epidemic, China’s all-embracing car sales fell 42% in the aboriginal three months compared with a year earlier. Sales of Great Wall, which is accepted for its accepted sport-utility agent models, alone 47%.
Great Wall said the epidemic’s appulse on auto sales and abasement of the Russian rouble were the affidavit for the accumulation bead in the aboriginal three months this year. Great Wall is architecture cars from its bulb in Russia.
It additionally agreed to buy two plants in India and Thailand from General Motors (GM.N) and expects affairs for both factories to be completed in the additional bisected of 2020, and will adapt their assembly curve to accomplish its models.
In 2019, Great Wall appear 4.49 billion yuan profit, bottomward from the antecedent year’s 5.2 billion yuan. Rival Geely Automobile’s (0175.HK) accumulation alone 35% aftermost year while BYD fell 42%.
Great Wall Chairman Wei Jianjun said beforehand the close does not appetite to access into a amount war in the bazaar slowdown. Great Wall now aims to advertise 1.02 actor units in 2020, bottomward from aftermost year’s sales of 1.06 actor units.
Reporting by Yilei Sun and Brenda Goh; alteration by David Evans
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