Great Wall Motor Co, China’s largest sport utility vehicle producer, announced Wednesday that its first-half profit will jump 30.29 percent year-on-year.
Unaudited net profits in the months leading up to June hit 2.36 billion yuan ($374.6 million), compared with 1.81 billion yuan during the same period last year, according to a report posted on the Shanghai Stock Exchange’s website.
Brilliance Automotive, BMW’s Chinese partner, reported full-year profit rose 43 percent after demand for luxury vehicles outpaced deliveries in the country’s overall automobile market. Brilliance also has a minibus joint venture with Toyota, and they sell their own cars under the ‘Brilliance‘-brand.
Brilliance’s net income rose to 1.81 billion yuan ($285 million) last year, the company said in a statement to the Hong Kong stock exchange on Friday. That matched the 1.81 billion yuan average of 14 analyst estimates compiled by Bloomberg. Sales fell 28 percent to 6.44 billion yuan.
Top Chinese automaker SAIC Motor Corp reported a 67 percent surge in quarterly earnings on Thursday, citing solid demand for German and US cars made at its Shanghai ventures as well as a $4.4 billion asset purchase from its state parent.
From October to December, SAIC’s net profit came to 6.93 billion yuan, up from 4.15 billion a year earlier and slightly higher than a consensus forecast of 6.72 billion from 14 analysts polled by Thomson One.
Chinese automaker Dongfeng Motor Group reported Tuesday its 2011 net profit fell 4.6 percent, due to lower prices and an overall slowdown in the world’s biggest automobile market. Net profit was at 10.48 billion yuan ($1.66 billion), down from 10.98 billion yuan from 2010, the firm said in a filing to the Hong Kong stock exchange where it is listed.
BYD, he Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., fell to a two-month low in Hong Kong trading on Tuesday after the company forecast first-quarter profit may slump as much as 95 percent.
BYD fell by as much as 11 percent, the biggest intraday decline since Sept. 26, before closing 4.8 percent lower at HK$19.94 yuan in Hong Kong. The company’s Shenzhen-traded shares gained 1.8 percent, reversing a 3.9 percent decline.
Geely Automobile Holdings Ltd., whose parent owns Volvo cars, posted a 13 percent gain in 2011 profit on Chinese demand for new vehicles.
Net income rose to 1.54 billion yuan ($244 million), or 0.19 yuan a share, from 1.37 billion yuan, or 0.17 yuan, a year earlier, Geely said in a statement to the Hong Kong stock exchange yesterday. That beat the 1.47 billion yuan average of 21 analyst estimates compiled by Bloomberg.
Chinese car maker BYD Co Ltd said on Tuesday that its net profit in 2011 fell by 44 percent from a year earlier due to fierce competition in the world’s largest auto market and a sharp fall in photovoltaic product prices.
Backed by U.S. billionaire Warren Buffett, BYD posted net profit of 1.4 billion yuan ($222 million) last year, down from 2.52 billion yuan in 2010, it said in a preliminary results statement filed to the Shenzhen stock exchange. Read more »
BMW expects economic conditions to remain volatile until at least 2015 but reassured investors that it had made contingency plans and would react quickly in the unlikely event that the global economy fell back into recession.
The maker of BMW, Mini and Rolls-Royce cars reaffirmed its 2011 and 2012 targets and beat consensus profit forecasts in the third quarter thanks to continued strong demand in China and brisk sales of its 5 Series saloon and X3 sports utility vehicles.