Guangzhou Honda leads China automakers in 2006 profit - report |
|
|
|
Published
:
Fri, 02 Mar 2007 03:52
|
BEIJING (XFN-ASIA) - Guangzhou Honda Automobile Co Ltd, a 50-50 joint venture between Guangzhou Automobile Group and Honda Motor, led automakers in China with a 2006 profit of 5.16 bln yuan, little changed from 2005, the Oriental Morning Post reported.Citing statistics released by an unidentified institutional source, the newspaper said that the venture's profit-per-vehicle for 2006 was nearly 20,000 yuan, four times higher than Beijing Hyundai and double the level of FAW Toyota and FAW Volkswagen.The report did not indicate the exact kind of profit it was referring to.Shanghai VW and FAW VW, Volkswagen's two joint ventures in China, had profits of 2.51 bln yuan and 1.99 bln, up 258 pct and 747 pct from a year earlier, respectively.Beijing Hyundai's 2006 profit dropped 28.51 pct from a year earlier to 1.05 bln yuan, even after sales grew by nearly 80,000 units in the year, with its per-unit profit halved to 3,624 yuan from 7,000 yuan.Shanghai GM's profit decreased 3.6 pct to 4.91 bln yuan.Changan Ford Mazda had a 1.54 bln yuan of profit on 2006 sales of 131,000 units.According to the China Association of Automobile Manufacturers, the auto sector posted a profit of 76.8 bln yuan in 2006, up almost 50 pct due to surging car sales.(1 usd = 7.75 yuan)derek.jiang@xinhuafinance.com
|
|
|
|
Print this Story
Honda 2006 China auto sales 323,469 units, up 25.9 pct 