Guangzhou Automobile, joint venture partrner of Toyota, Honda and Nissan, expects automobile sales in China to rise about 5% next year, its president, Zeng Qinghong, said on Monday (21 November).
The company expected its own volume increase to be faster than the growth rate for the overall Chinese automobile industry in 2012, Zeng told Reuters.
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Affected by the government’s withdrawal of stimulus policies for vehicle consumption and the disruption of parts supply to its joint ventures by an earthquake in Japan earlier this year, Guangzhou Automobile reported a 26% fall in first-half net profit to CNY1.72bn (US$270.6m), the report noted.
“Macro-economic controls are likely to continue next year and there are no signs of relaxation,” Zeng said of China’s economic policy.
