Changan Auto expects net profits to soar
Chongqing Changan Automobile Co. expects net profits for the first three quarters of the fiscal year to range from 900 million yuan to 1 billion yuan ($148 million to $164 million).
If the forecast holds, the company's profits in the first nine months will jump from 386 to 440 percent compared with the same period a year earlier. The company cited rising car sales as the main reason for the forecast.
Changan's joint venture with Ford Motor Co. has prospered as the American automaker has expanded production and introduced new models in China.
In the first nine months, Ford's China sales soared 51 percent to 647,849 vehicles. In September, the Ford Focus was the top-selling sedan in China.
Ford is likely to sell more than 900,000 vehicles, including passenger cars and commercial vehicles, in China this year thanks to its beefed-up product lineup. Most of those vehicles will be sold by Ford's partnership with Changan.
Changan's joint venture with Ford Motor Co. has prospered as the American automaker has expanded production and introduced new models in China.
In the first nine months, Ford's China sales soared 51 percent to 647,849 vehicles. In September, the Ford Focus was the top-selling sedan in China.
Ford is likely to sell more than 900,000 vehicles, including passenger cars and commercial vehicles, in China this year thanks to its beefed-up product lineup. Most of those vehicles will be sold by Ford's partnership with Changan.
