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Changan Auto 2017 net profit slumps 30.61% YoY to RMB 7.139 billion

Charice From Gasgoo| March 29 , 2018

Changan Auto net profit, Changan Auto annual sales, Changan Auto NEV sales

Shanghai (Gasgoo)- Chongqing Changan Automobile Co., Ltd (Changan Auto) released its 2017 financial report on March 29 showing that the company achieved operation revenue of RMB 80.001 billion last year, edging up 1.87% year on year. Besides, the net profit attributable to shareholders slumped 30.61% from a year earlier to RMB 7.139 billion.

According to the financial report, the company's annual sales of self-owned brands decreased 5.66% over the previous year. The automaker attributes its operation revenue growth to the rising average price of updated products. Meanwhile, Changan Auto ascribes the net profit plunge to the declining investment income from joint ventures.

In accordance with the 2017 sales data released before, Changan auto suffered a year-on-year annual sales decrease of 6.23% to 2,872,456 vehicles last year, which failed to accomplish its initial sales target of 3.3 million units. 

As to joint ventures, Changan Ford delivered 827,970 vehicles last year, falling 12.3% from a year earlier. According to previous reports, Ford Motor plans to amalgamate its three major sales channels in China (Changan Ford, Ford China and Jiangling Ford) into Changan Ford. Besides, the other major joint venture Changan Mazda sold a total of 192,053 units in 2017, edging up 1.3% from the previous year. 

In addition, Changan auto handed over 61,237 units of new energy vehicles last year among which the deliveries of new Benben and EADO reached 12,923 units and 3,383 units respectively.

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