Tianjin FAW Xiali estimates loss of RMB 1.6 billion for 2017

Shanghai (Gasgoo)- Tianjin FAW Xiali estimated a loss of RMB 1.605 billion to RMB 1.685 for the financial achievements in 2017, according to the automaker. In 2016, its net profit attributable to shareholders reached RMB 162.33 million.

Tianjin FAW Xiali said that it failed to complete the adjustment in product structure in the past year. Its sales and production scale were not large enough and its ability to earn money needs significant improvement. All these above reasons may account for its loss in 2017.

Last year, Xiali delivered a total of 27,000 vehicles, slumping by 26.39 percent from a year earlier. Since the automaker suspended the production of Xiali, Wei series for several months, the models’ output and sales were halved compared with the previous year. Currently, a total of 8 models are on sale, four under Junpai series, one under Wei series and three under Xiali Series.

In the result forecast statement, FAW Xiali said that it has been preparing for the production of new products. In order to enrich the product portfolio and improve the production and sales scale, the automaker will introduce the all-new sedan Junpai A50, the crossover Junpai CX65 and also A-SUV product.