FAW Car turns losses into profits with net profit over RMB 260 million in 2017

Shanghai (Gasgoo)- FAW Car Co., Ltd. (hereinafter referred to as FAW Car) turned losses into gains in 2017 with expected net profit attributable to shareholders of listed companies ranging between RMB 260 million and RMB 320 million. The earnings per share range from RMB 0.16 and RMB 0.2. Its annual sales soared 23.8% over the previous year. 

Thanks to the company's deep reform and close eye on the market, as well as the launching of the Besturn X40 and the continuous robust sales of double star models, FAW Car managed to offset last year's poor financial results in 2017.

FAW Car is a subsidiary of FAW Group, owning two vehicle brands, Besturn and Mazda. FAW Car posted sales of 239,600 units in 2017. Among them, FAW Mazda delivered 124,200 units with a robust YoY growth of 35.7% in 2017, which is far ahead of the average growth of the Chinese vehicle market. The Besturn brand reached annual sales of 115,400 units thanks to the drive of the X40 in 2017.

FAW Mazda reached the highest sales record in 2010 with deliveries of 147,000 units. But it sold not very well since then. With the launching of the Mazda Atenza and CX-4, FAW Mazda saw sales rebound. In November, 2016, FAW Mazda readjusted its product strategy, stopping production of 4 models and only keeping the Atenza and CX-4.

FAW Besturn released the 20th anniversary version models for the X40, B30, B50, B70 and B80 in 2017. Among them, the X40 performed quite well and delivered 10,671 units in November, becoming the sales driver for Besturn brand. In 2018, FAW Besturn will release two intelligent connected models and first crossover wagon to promote the development of Bseturn brand.