by Staff Writers
Hong Kong (AFP) March 27, 2012
Chinese automaker Dongfeng Motor Group reported Tuesday its 2011 net profit fell 4.6 percent, due to lower prices and an overall slowdown in the world's biggest automobile market.
Net profit was at 10.48 billion yuan ($1.66 billion), down from 10.98 billion yuan from 2010, the firm said in a filing to the Hong Kong stock exchange where it is listed.
Revenue rose 7.4 percent to 131.44 billion yuan. Sales of passenger vehicles were 1.65 million, up 16.1 percent while commercial vehicle sales were down 0.3 percent.
"Dongfeng Motor Group's overall business and financial performances surpassed the industry average and achieved its annual target," chairman Xu Ping said, adding that the firm will continue to boost its joint venture cooperation.
Dongfeng Motor is a main unit of state-owned Dongfeng Motor Corp., one of China's leading auto makers, which has joint ventures with France's Peugeot SA, as well as Japan's Nissan Motor and Honda.
Another French automaker Renault said in January that it plans to begin building vehicles in China with Dongfeng as early as 2014.
China's total auto sales rose just 2.5 percent to 18.51 million units last year, plunging from an increase of more than 32 percent in 2010, according to the China Association of Automobile Manufacturers.
Growth in auto sales slowed in 2011 after Beijing rolled back purchasing incentives and some cities imposed restrictions on car numbers.
Car Technology at SpaceMart.com
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Three-cylinder cars coming to U.S.
Los Angeles (UPI) Mar 21, 2012
U.S. automakers say new cars with three-cylinder engines can give better gas mileage with the same power as the four-cylinder compact sedans Americans buy now. The cars can get 40 miles per gallon in traffic and 50 on the highway, and they're not expensive hybrids nor do they need any special fuels, the Los Angeles Times reported Friday. Ford Motor Co. said it will have a three-c ... read more
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