China's vehicle manufacturing profit margin hits a new low; GAC Group reports a loss of over 4.4 billion in the first half
On September 15, Reuters reported that China's vehicle manufacturing profit margin has fallen to 1.5%, a ten-year low. Despite a 9.13% increase in revenue in the first half of the year, GAC Group reported a net loss of 4.467 billion yuan. On September 14, GAC announced plans to acquire equity in a joint-venture automaker under FAW Group; market speculation suggests the target may be FAW Toyota, aiming to promote the integration of northern and southern Toyota operations.