China’s SAIC expects its full-year profit to come in at between RMB 1.5 and RMB 1.9 billion in 2024, representing a plunge of between 87% and 90%, due to a significant decline in market share and a severe price war especially heated in the country. Adjusted for non-recurring gains, however, the partner of Volkswagen and General Motors would have tipped from profit to loss, projecting a deficit of between RMB 4.1 and RMB 6 billion ($570-$830 million) for the past year, according to a securities filing published on Jan. 24. The state-owned car manufactuer also blamed the profit drop on General Motors’ more than $5 billion writedown in the value of their joint venture, announced by the Detroit auto giant last December, as part of a broader plan to restructure its businesses in China. [Bloomberg]
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