Gasgoo (Shanghai, August 18th)—Personnel adjustment on top managements in FAW Car and FAW Xiali, two listed subsidiaries of FAW Group, one of leading automakers in China, may serve to accelerate regrouping of businesses.
Six top managements, including Xu Xianping, chairman of the company, have recently summited resignation reports, according to announcement of FAW Car.
The plan of regrouping has failed due to competition between FAW Car and FAW Xiali, leading to fine on FAW.
Two subsidiaries have suffered great loss reportedly. Half-year performance report of FAW Xiali showed that there may be a loss of from 475 million RMB yuan to 575 million RMB yuan in the net profit of shareholders, a slight decrease from 537 million RMB yuan in 2015.
There may be a loss of from 790 million RMB yuan to 850 million RMB yuan in the net profit of shareholders in FAW Car.
