FAW Car finally reports a profit as FAW Xiali suffers a defi




Both FAW Car and FAW Xiali have released their sales performance reviews for the first half of the year. According to the reviews, which were cited in a Beijing Times report appearing today, FAW Car finally managed to earn a profit this time around, which is expected to be between 550 million yuan to 750 million yuan ($89.11m-$121.51m). By comparison, the manufacturer suffered a net deficit of 61.42 million yuan in the first half of 2012. FAW Car attributes its performance to growing sales and revenue, which increased 15.7 percent and 8.4 percent, as well as the success of new products such as the Hongqi H7 and Besturn X80. Changing exchange rates for the yen, which has led to cheaper costs for auto parts, was also cited as a factor behind FAW Car's strong results.

FAW Car released its financial performance report for the first half of 2014 this week, the Beijing Times reported today. According to the report, the manufacturer's retail sales achieved year-on-year growth of 28.88 percent over the first half of this year. However, due to increasing sales costs, FAW Car's net profit actually fell during that same time period.

On the other end of the spectrum, FAW Xiali suffered a 78 percent to 100 percent drop in its net profit, which is expected to be less than 20 million yuan for the first half of the year. In the first half of 2012, FAW Xiali reported a net profit of 90.25 million yuan . Declining sales and production numbers of Tianjin FAW Toyota, which FAW Xiali owns a part of, as well as decreasing sales of its current models were cited as the two major factors behind the manufacturer's lackluster performance. FAW Xiali reported a negative year-on-year sales growth of 32.5 percent for the six month time period.

Official statistics show that FAW Car's sales over the first six months of this year exceeded 130,000 units; this increase was due to new models such as the Besturn X80 and Besturn B70. In addition to sales, the manufacturer's income also grew 18.24 percent over this time period. Despite the increases in sales and income, FAW Car's net profits actually decreased 49.63 percent, totaling just 316 million RMB . FAW Car explains that, due to the amount of work it has put in marketing for its new models, sales costs have also increased, eventually causing net profits to fall.

News from FAW Car's sister company FAW Xiali was not nearly as good. According to data, FAW Xiali sold just 37,301 vehicles in the first half of this year, a full 47.85 percent less than 71,526 vehicles it sold in the first half of 2013. The manufacturer suffered a net deficit of 436 million RMB . FAW Xiali's sales have been falling continuously for the last two years. Its financial performance has suffered as a result. The manufacturer attributes its poor financial performance to decreasing sales of both its vehicles and those of subsidiary Tianjin FAW Toyota. After two years of restructuring, Tianjin FAW has added the brand new Junpai product line, which will be sold in addition to its existing Xiali and Weizhi products. The first Junpai model, the Junpai D60 , will make its market debut next month.

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