Manufacturing News

Changan profit surges 260% in 1st quarter on robust Ford volume

Chongqing Changan Automobile Co., a listed state-owned Chinese automaker, says its profit rose 260 percent year-on-year to 2 billion yuan ($320.2 million) in the first three months of this year.

The increase was mainly from the profit contribution by Changan Ford Automobile Co., a 50-50 passenger vehicle joint venture between Changan and Ford Motor Co., Changan said.

Changan Ford, in the southwest China municipality of Chongqing, sold 196,472 Ford-brand vehicles in the first quarter, a jump of 52 percent from the same period last year.

Changan didn't disclose the amount of profit Changan Ford generated in the first quarter.

Sales of Jiangling Motors Corp., Changan's commercial joint venture with Ford, rose 27 percent year-on-year to 77,247 vehicles. Jiangling builds the Ford Transit van and its Jiangling-brand SUVs, multipurpose vehicles and commercial vehicles.

Changan also has joint ventures with Mazda Motor Corp., Suzuki Motor Corp. and PSA Peugeot Citroen.

In the first three months, Changan Mazda's sales surged 41 percent to 20,162 vehicles, but Changan Suzuki's sales were virtually unchanged from a year earlier at 45,392 vehicles, according to Changan.

Changan PSA, which started building Citroen DS models late last year, sold 2,696 vehicles in the first quarter.

During the period, Changan itself sold 330,370 cars and light commercial vehicles, up 9 percent year-on-year.

Changan, headquartered in Chongqing, is listed on the Shenzhen stock exchange in China.

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