China's car woes slam brakes on Shanghai Auto's Q1

Newswire

SHANGHAI, April 30 (Reuters) - Shanghai Automotive Co. Ltd., owner of a fifth of General Motors' largest car plant in China, posted an 80 percent fall in quarterly earnings as price wars and slowing growth hammered the world's third-largest vehicle market. The listed arm of China's biggest car maker -- Shanghai Automotive Industry Corp. -- disappointed with a dismal first-quarter performance that came after a year-on-year doubling in fourth-quarter income. Now, the listed unit's net ...

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