just-auto.com

CHINA: Tianjin FAW Xiali cuts more prices - report

By just-auto.com editorial team | 4 November 2003

China's Tianjin FAW Xiali Automobile Co., which has led price cutting in the car sector in recent years, said on Tuesday it was reducing the price of two more of its models by 2,000 yuan per unit, Dow Jones reported.

Although the amount is relatively small, it represents the third time the company has cut prices this year, the report noted.

A company official told Dow Jones this round of price cuts applies to Xiali's TJ7101G hatchback and TJ7101UG compact car which would now be sold for CNY41,800 and CNY50,800 respectively.

Dow Jones noted that Tianjin FAW Xiali Automobile Co. posted a third-quarter net profit of CNY117.0 million, compared with a loss of CNY176.1 million in the same period last year, mostly on the back of sales from its joint venture with Toyota Motor Corp.