BEIJING, Feb. 13 (Xinhua) -- A total of 16 auto companies listed on China's Shanghai and Shenzhen bourses as of Tuesday had released the guidance of their financial reports for the whole year of 2018, showing only four of them saw their net profit would increase.
Among the 16 auto companies, 12 witnessed their net profits decrease or incurred net losses during the period, with an average decline as high as 76.07 percent, according to the statistics released by Securities Daily.
SAIC Motor (600104.SH) took a lead in Chinese auto market in 2018, with expected net profit at 36 billion yuan, and Dongfeng Motor (600006.SH) estimated to see the highest growth in its net profit, with its net profit up 171 percent to 189 percent on year.
However, Changan Automobile (000625.SZ) saw its performance decline most sharply in 2018, with an estimated decline of 92.99 percent on year, followed by Jiangling Motors (000550.SZ), Zhongtong Bus (000957.SZ), Haima Motor (000572.SZ) and Yangzhou Yaxing Motor (600213.SH), which saw the net profit would fall 87 percent, 86.93 percent, 81.02 percent and 70 percent, respectively.
In 2018, China's automobile output and sales amounted to 27.809 million units and 28.081 million units, down 4.2 percent and 2.8 percent respectively. It is the first annual decline of the two figures since 1990.
Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), believes that the decline is mainly due to the sharp decrease of independent Chinese car brands, indicating the fall in consumer demand.
However, Cui still holds optimistic attitude towards the future of China's auto market, and considered that the reverse growth in 2018 may become an important economic growth momentum in 2019. (Edited by Li Wenxin, firstname.lastname@example.org)