Beijing (Reuters) -guangzhou Car (GAC) and Jac Group expect to post their largest second quarter losses next month, as public and abroad cars are fighting with competition.
China’s car expires from overload and expanded prices, prompts regulators and industry managers to warn long-term viability risks to the sector.
State cars generally fight more than private peers such as SYD, Gey and a wonderful wall motor, many teams that have new brands to launch and try to try “Norvis”.
GAC expects its quarterly loss, expanding 1.1 billion yuan and 1.9 billion yuan ($ 153-265 million) from 731.6 million yugh. It compares to 296 million yuan profits in the second quarter of 2024.
Up to 2.6 billion, up to 2.6 billion, the largest six-month loss of listing in 2010 would be partially attributed to its new EV and hybrid models, which were unable to meet sales, as well as the price of prices.
GAC shared his Japanese partners, Honda and Toyota’s losses, which have given the market share in China to local brands such as ByD. The sale of GAC’s Aion and Trumpchi-Branded EV and plug-in hybrid cars also weakened in intensive competition.
Jac Group’s EV and Plug-In sales fell by 35.1%, taking into account 4.4% of its first semester sales.
In the second quarter, the company expects a net loss of 457 million yua, more than twice the first quarter, and in the second quarter of the year, compared to 195.3 million yuan’s profit.
Export-dependent JAC said that his export business is declining due to “intensive competition in the more and more complex international situation and foreign auto markets.”
JAC continues to continue the production capacity for its high-quality EV program, the submission is added.
The Maextro S800 Electric Seda, which cooperates with Huawei, has been put up on the end of May, 708,000 Yu, making it the most expensive EV under the Huawei-LED automotive alliance and the sale network.
ArcFox, the EV unit (BAIC) of the Beijing Automobile Group (BAIC), said the second quarter damage to 1.5 billion yuan, narrower than the same period last year. However, it would spread a layer of quarterly losses at the beginning of 2020.
GAC, JAC and Arcfox do not report their first semi-annual results by August 29, but Chinese companies sometimes publish some changes in advance.