Cars

Changan Auto sees H1 profit growth up to 163%

(Agencies)
Updated: 2010-07-15 15:17

HONG KONG - Chongqing Changan Automobile Co said net profit for the first half of 2010 is expected to rise by up to 163 percent from a year earlier, and sales volume to increase by 47.6 percent to 974,499 vehicles.

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Net profit for the six months ended June was estimated at between 1.35 billion yuan and 1.40 billion yuan, up 153 to 163 percent from the same period last year, it said in a statement to the Shenzhen stock exchange.

Changan, one of China's top State auto groups, last week signed an agreement to set up a 50/50 joint venture with French car maker PSA Peugeot Citroen to make light commercial and passenger vehicles in China.

It has been making Focus, Mondeo, Fiesta and other Ford Motor Co models in a three-way tie-up with the Detroit car maker and Mazda Motor Corp.