FAW Sales and Profit Expected To Drop This Year
Chinese auto giant FAW Group is expecting its sales volume and profit to fall this year due to increased competition.
"Because of slashing demands in the international car market, many global automakers are heading toward China for further growth, which results in fiercer competition in this country," FAW president Xu Jianyi told reporters on the sidelines of the National People's Congress.
"But companies with independent R&D capacities and strong competitiveness are sure to win the market," he added. "Just as what FAW will do, to use the crisis as an excellent opportunity for structural adjustment and innovation." He said FAW would increase research and development (R&D) spending by 61 percent to 4.23 billion yuan ($619 million) this year to combat crisis.
Asked to comment on the Chinese government's call for consolidating big auto groups, he said that "If there is such a need, we will do it," although there are not yet any official plans.
Views:0
- Jiefang JH6 Dumpers Were Delivered for Lesotho Highlands Water Project (LHWP) 2023-07-24
- FAW South Africa Plant Achieves Sales of 794 Units in Q1 2023-05-05
- FAWDE's Overseas Sales Increased by 66% year-on-year in Q1, 2023 2023-03-24
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb 2023-03-22
- FAW IMPORT & EXPORT Produced Its 6000th Vehicle in Philliphines 2023-03-20
- FAW Hongta Makes “Great Leap forward” in exports to Philliphines 2023-03-16
- FAW Jiefang Sichuan Branch Was Officially Established 2023-02-28
- FAW Jiefang South Africa Realizes“Good Start” in Sales in January of 2023 2023-02-13
- 150 Jiefang Heavy-duty Trucks Were Exported to Indonesia 2023-01-14
- Jiefang Held New Product Launch in Southern Vietnam 2022-12-14
Submit Your Requirements, We Are Always At Your Service.
- World’s First All-electric Scania Car Transporter Goes into Service
- China’s First Mining Specialized Remote Sensing Satellite Launched
- SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
- FOTON and Cummins Team up to Build a New Engine Plant in Thailand
- SANY Awarded as 2022 Forbes China TOP 50 Sustainable DEV Industrial Enterprises
- Daimler Trucks and Buses Signs Deal with XCMG Fire Fighting
- FAW Jiefang Sichuan Branch Was Officially Established
- Bus & Truck Expo Set to be Held in May 2023
- Yutong, SCG Signed MoU for Green Mining in Thailand
- CAT Displays Its First Battery Electric Large Mining Truck
- Half Year Review of Commercial Vehicle Sales
- China Exported 63,000 Trucks in May, Up 33% YoY
- Top 10 Best-selling Battery-swapping Heavy Trucks in China in April
- China Exported 158,000 Trucks in Q1, Up 41% YoY
- China’s Truck Exports Grew by 43.8% YoY to 46600 Units in Feb., 2023
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb
- China Exports 567,000 Trucks in 2022, Hitting a New High in a Decade
- China’s Pickup Exports Jumped 65% YOY in 2022
- China's Truck Exports Grew by 42% YOY to 53,000 Units in November
- Heavy Truck Sales in China Fell by 9% YoY to 46000 Units in Nov.
