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Brilliance China Expects 40% Profit Drop on BMW Venture
Brilliance China Automotive Holdings Ltd. warns its profits in the first half of 2015 will shrink some 40% because China's cooling car market is hurting income from its venture with BMW AG, Bloomberg News reports.
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Brilliance China Automotive Holdings Ltd. warns its profits in the first half of 2015 will shrink some 40% because China's cooling car market is hurting income from its venture with BMW AG, Bloomberg News reports.
Brilliance China, which expects to announce financial results in August, blames the decline on higher costs associated with sales, new-model launches and capacity expansion.
The company's bleak forecast comes after the China Passenger Car Assn. reported June car sales fell 3%. Retail car sales this year are expected to grow no more than 6% compared with 10% in 2014 and 17% in 2013.
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