Wonder Auto cuts fiscal '08-'09 sales outlook

Chinese auto parts supplier Wonder Auto Technology Inc. cut its fiscal 2008-2009 sales outlook on Wednesday, citing the downturn in China's auto market.

Automakers across the globe are suffering sales declines amid one of the worst downturns in industry history.

Wonder Auto, which is based in Junzhou City, China, said it now expects 2008 revenue of more than $140 million - below its prior forecast for sales of more than $150 million. For 2009, the company now sees sales of more than $200 million instead of the $220 million to $230 million previously forecast.

Analysts surveyed by Thomson Financial expect 2008 revenue of $140.5 million and 2009 revenue of $192.9 million, on average.