BRIEF: Guangzhou Auto’s sales, output plunge in October
2238.HK
601238.SHG
Guangzhou Automobile Group Co. Ltd. (2238.HK; 601238.SH) said on Thursday it sold 185,800 vehicles in October, down 17.23% year-on-year, with sedan sales plummeting 23.65%. Its production volume for the month dropped by an even larger 29.47% to 168,100 units.
The company’s vehicles sales fell 24.66% to 1.52 million units in the first 10 months of the year, while its production volume fell 26.47% to 1.52 million units. Guangzhou Auto said in August that the industry’s escalating price war, coupled with intensifying competition, were posing unprecedented challenges for the company. Its stock rose 3% to HK$3.14 in early Friday trade in Hong Kong.
By A. Au
To subscribe to Bamboo Works free weekly newsletter, click here
