Due to TianJin FAW Xiali selling its FAW Toyota stock

s the company’s net profits saw a surge of 102.27 percent year-on-year to 37.31 million yu

an in last year, while its revenue went down 22.5 percent to 1.13 billion yuan. If the non

-recurring profit and loss is excluded, the company’s net loss was 1.26 billion yuan last year.

National Business Daily citing JMC, FAW Car and TianJin FAW X

iali said their performances declined due to the car market slow down.

Moreover, BYD said its net profits fell on account of the subsidy cutting a

nd rise in R&D spending. In 2018, BYD’s net profits attributable to shareholders were 2.78 billi

on yuan, dropping 31.63 percent year-on-year, while its revenue reached 130.06 billion yuan, up 22.79 percent.

The car makers will face more challenges as the new energy cars subsid

y will be further reduced and competition will intensify in 2019, the National Business Daily said.