China West Resources New Energy Business Takes a Hit in H1

SHANGHAI, Jul. 14 (SMM) – China’s West Resources Co. reported declines in sales of new energy vehicles, based on its latest production and sales data.

The new energy vehicle business seems to bring no explosive growth to the company’s net profit. The company suffered a loss of 44.5 million yuan ($ 6.65 million) in the first half of this year, a fall of 108.01% year-on-year. Last year, the company reported a loss of 269.61 million yuan, sliding 1782% year-on-year.

The company produced 548 units of passage vehicles during January-June, down 30.1%, versus sales of 526 units, falling 35.3%, both on the yearly basis.

The company once predicted that the new energy passenger vehicles will continue growing in the next few years, which can be a new field worth to be developed by passenger vehicle producers. 

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