China’s SAIC promotes “38.1%” accessories range following EU’s EV tariff announcement. Credit: SAIC
China’s SAIC expects its full-year profit to range from RMB 1.5 billion to RMB 1.9 billion in 2024, a decline of 87% to 90% due to a significant drop in market share and a fierce price war, particularly in the country. Adjusted for non-recurring gains, however, the partner of Volkswagen and General Motors would have shifted from profit to loss, projecting a deficit of RMB 4.1 billion to RMB 6 billion ($570 million to $830 million) for the past year, according to a securities filing published Jan. 24. The state-owned automaker also attributed the profit drop to General Motors’ more than $5 billion writedown in the value of their joint venture, announced by the Detroit-based auto giant last December as part of a broader plan to restructure its businesses in China. [Bloomberg]
