HONG KONG — For years, Chinese state-owned automakers could count on joint ventures with major foreign brands as a magic fuel for profit. But the latest earnings suggest those days may be ending, as newer solo players like BYD have ridden a wave of electrification in the world’s largest auto market, while foreign marques have lagged behind.
Dongfeng Motor Group, a core Hong Kong-listed arm of state-owned Dongfeng Motor Corp., reported a net loss for last year, its first since it went public in 2005. The red ink amounted to 3.99 billion yuan ($564 million), versus a net profit of 10.26 billion the previous year.