Net profit at Ford’s Chinese partner, Changan Auto Co. Ltd., fell to 20.2m yuan (US$2.52m) in the period October-December 2005, from 273m yuan a year earlier, according to Reuters.
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Full year net profit fell 82% to 237m yuan. Revenues rose 3.5% to 19bn yuan.
The decline is attributed to price wars, amid fierce competition in the market.
Changan Auto’s total sales rose 4.48% to 474,625 units in 2005. Changan makes cars with Suzuki, as well as Ford.
Ford Changan expects to double 2006 sales
