Ford's China partner Q2 dives on increased competition

Newswire

SHANGHAI, Aug 25 (Reuters) - Ford's main Chinese partner, Chongqing Changan Auto Co. Ltd. , posted a 77 percent drop in second-quarter earnings on Thursday, as higher costs and increased competition ate into profits. Changan Auto, the country's largest minivan maker and fourth-largest auto manufacturer, also forecast its net profit would dive more than 50 percent in the first three quarters of this year. Full-year 2005 net profit had been expected to fall 28 percent to 951.83 million ...

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