China FAW Xiali plunges into red on industry woes

Newswire

SHANGHAI, Oct 29 (Reuters) - Toyota's partner in China posted a third-quarter loss on Friday, swinging into the red for the first time since 2002 after slashing prices to try to galvanise slowing car sales and writing off unsold inventory. Tianjin FAW Xiali Automobile Ltd. , which makes Toyota Motor Corp.'s Vios and Corolla sedans, said it would see earnings fall by at least half in 2004, the latest victim of Beijing's efforts to cool a racing economy. Xiali, China's third-largest car ...

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