China Toyota partner Q2 dives as price wars bite

Newswire

SHANGHAI, Aug 24 (Reuters) - The main Chinese partner of Japan's Toyota Motor Corp. posted a fall of 79 percent in second-quarter net profit on Tuesday, hit by sliding car prices and higher raw material costs. Tianjin FAW Xiali Automobile Ltd. , which makes Toyota's Vios sedan, said gross profit for the first nine months of 2004 would drop more than 50 percent, underscoring how Beijing's efforts to rein in breakaway economic growth are hurting the country's car market. Xiali, which also ...

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