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BAIC Motor Issues Profit Warning Amidst Increased Competition

Story Highlights
  • BAIC Motor operates in the Chinese automotive industry, focusing on passenger vehicles.
  • The company expects a 68.6% drop in net profit for 2024 due to competition and investment.
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BAIC Motor Issues Profit Warning Amidst Increased Competition

The latest update is out from BAIC Motor ( (HK:1958) ).

BAIC Motor Corporation Limited has issued a profit warning, indicating a significant decrease in net profit for the year ended December 31, 2024. The company expects a net profit of approximately RMB950 million, marking a 68.6% decline compared to the previous year. This downturn is attributed to increased competition in the domestic passenger vehicle industry and heightened investments aimed at enhancing competitiveness, which have collectively impacted the company’s financial performance.

More about BAIC Motor

BAIC Motor Corporation Limited is a joint stock company incorporated in the People’s Republic of China, operating in the automotive industry. The company is primarily focused on the production and sale of passenger vehicles, with a market presence in the domestic Chinese market.

YTD Price Performance: 12.76%

Average Trading Volume: 5,867

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $2.68B

For detailed information about 1958 stock, go to TipRanks’ Stock Analysis page.

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