Shares in BAIC Motor Corp Ltd slip about 1 per cent, after gaining as much as 3.2 per cent earlier in the session, as investors locked in profit following the passenger vehicle maker’s 2018 profit estimate.
As of previous close, stock surged 22.74 per cent so far this year, outperforming the benchmark Hang Seng Index.
Company says it expects its net profit to soar more than 95 per cent year-on-year. BAIC Motor mainly cites continued growth of Beijing Benz’s performance in 2018, recovery in performances of Beijing Hyundai and self-developed products.
China car sales dropped 13 per cent in December, the sixth straight month of declines, bringing annual sales to 28.1 million, down 2.8 per cent from a year earlier, China’s Association of Automobile Manufacturers (CAAM) said.
This was against a 3 per cent annual growth forecast set at the start of 2018 and is the first time China’s auto market has contracted since the 1990s.
Go to Source