Car market profit in fast laneUpdated: 2013-07-30 15:24
The car market is speeding ahead as a majority of automakers report mid-year profit growth.
Of the six public traded vehicle firms that have released earnings previews, five forecast margins to surge by 50 percent, according to data provider Wind Information Co Ltd.
Domestic manufacturer BYD Co Ltd led the growth, with net profit attributable to shareholders reaching an estimated 400 million yuan ($65 million) to 500 million yuan.
With expected profits to range from 550 million yuan to 750 million yuan, FAW Car Co Ltd is set to achieve profitability in the first half.
Overall profitability of carmakers in the second quarter is expected to rise 21 percent year-on-year, according to Zou Tianlong, an analyst with UBS Securities Co Ltd.
The production and sales of automobiles in China have both passed 10 million units from January to June, according to figures from China Association of Automobile Manufacturers.