BAIC Motor Expects Substantial Drop in 1st Half Net Profit
August 15 2017 - 7:18PM
Dow Jones News
By Joanne Chiu
BAIC Motor Corp.'s (1958.HK) net profit in the first half is
expected to fall by 60% from a year earlier, in part due to
intensifying competition in China's passenger car market.
The Chinese car maker said after markets closed Tuesday that the
earnings weakness was also due to the overall sluggish demand for
Korean cars in the first half that resulted in lower sales of its
Beijing Hyundai and Beijing car brands during the period.
BAIC Motor, which counts Germany's Daimler AG (DAI.XE) as its
strategic investor, has a joint venture with South Korea's Hyundai
Motor Co.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
August 15, 2017 20:03 ET (00:03 GMT)
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