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Changan suffers 1st-quarter losses on weak Ford, Mazda sales
Automotive News China | 2019/4/26

Changan Automobile Co., Ford Motor Co.'s passenger vehicle joint venture partner, estimates it lost 1.7 billion to 2.5 billion yuan ($253 million to $372 million) in the first quarter, down from a net profit of 1.4 billion yuan a year earlier. 

The loss was caused by sales declines of its own brands and joint ventures, the state-owned Chinese automaker said last week. 

For the first three months, sales of Changan¡¯s proprietary brands and partnerships with Ford and Mazda Motor Corp. slumped 32 percent from a year earlier to 448,811.

Deliveries at Changan Ford, which builds sedans and crossovers for the Ford brand, plunged 72 percent to 36,800. 

Sales at Changan Mazda, which produces the Mazda3 sedan and Mazda CX-3, CX-5 and CX-8 crossovers, fell 54 percent to 15,414.

Three years ago, Changan Ford was Changan¡¯s main profit center. But as the joint venture¡¯s sales have tumbled because of a lack of new products, Changan¡¯s profit has plunged. 

In 2018, deliveries at Changan Ford nosedived 54 percent year on year to 377,780, according to Changan's annual report. As a result, Changan¡¯s net profit plummeted 90 percent to 680 million yuan for the year. 

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