FAW Car profit soars nearly 150% in the previous three quarters

Shanghai (Gasgoo)-Experiencing loss for several consecutive years, FAW Car finally makes profits. FAW Car released its performance forecast for the previous three quarters on October 14th and said that the net profit is expected to range between RMB 275m and 305m in the previous nine months, growing 138.42% to 142.61% year-on-year on the basis of a loss of RMB 716m.

FAW Car owes the rising profit in the announcement to the fact that auto sales reach 169,000 units from January to September with a year-on-year growth of 28.2%. The company effectively promotes all work and continuously strengthens the abilities on product development and sales, thus achieving market breakthrough for self-independent brand Besturn X40 and continuous high sales for star models, and finally bringing in the black.

Data shows that FAW Mazda sells 88,694 units from January to September this year with a year-on-year growth of 56.3%. Star models CX-4 and Atenza show outstanding performances with monthly sales volume reaching 6,769 units and 4,300 units respectively in September. Annual sales number for FAW Besturn reaches 107,000 units in 2016, revealing that its calculated accumulative sales number of 80,000 units in the previous nine months showed no improvement. It can be concluded that sales soar with 56.3% year-on-year growth for joint-venture brand FAW Mazda is the main driving force for FAW car’s increasing profits.