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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Jiangling Motors Corporation, Ltd.    000550   CNE000000CV8

JIANGLING MOTORS CORPORATION, LTD.

(000550)
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Ford's quarterly China sales rise for the first time in 3 years

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07/09/2020 | 12:46am EDT
FILE PHOTO: People walk by a Ford Escape SUV displayed during the media day for the Shanghai auto show in Shanghai

Ford Motor Co said its China vehicle sales increased 3% in April-June from a year earlier, its first quarterly sales rise in the world's bigggest auto market in almost three years.

Ford has been seeking to recover from a slump in sales unprecedented for a major global automaker in China, with sales sinking 26% last year after a 37% drop in 2018.

Company sources have previously said those sales were hurt by an aging model lineup, a breakdown in relationships with its joint venture partners and dealers, as well as missteps by past management teams.

China sales for the second quarter climbed to 158,589 units, Ford said in a statement, attributing the rise to a stronger vehicle lineup including new sport-utility vehicles and locally-made luxury Lincoln cars and "strong demand following the lifting of COVID-19 pandemic restrictions".

By contrast, rival General Motors said its sales in China for the quarter declined 5.3% to 713,600 units.

Industry-wide vehicle wholesale sales rose 4.4% in April and 14.5% in May and are expected to grow 11% in June, the China Association of Automobile Manufacturers has said.

In China, Ford makes cars through its joint ventures with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC).

In the United States, where sales have been hit by lockdowns and travel restrictions, Ford's sales plunged 33% during the quarter.

(Reporting by Yilei Sun and Brenda Goh; Editing by Edwina Gibbs)

Stocks mentioned in the article
ChangeLast1st jan.
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED 0.45% 11.07 End-of-day quote.10.37%
FORD MOTOR COMPANY -1.93% 6.61 Delayed Quote.-28.92%
GENERAL MOTORS COMPANY -1.23% 24.89 Delayed Quote.-31.99%
JIANGLING MOTORS CORPORATION, LTD. -0.07% 14.85 End-of-day quote.7.61%
JMC CORPORATION 0.00% 604 End-of-day quote.-45.93%
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Financials
Sales 2020 28 402 M 4 069 M 4 069 M
Net income 2020 225 M 32,3 M 32,3 M
Net cash 2020 7 421 M 1 063 M 1 063 M
P/E ratio 2020 43,0x
Yield 2020 1,63%
Capitalization 9 529 M 1 366 M 1 365 M
EV / Sales 2020 0,07x
EV / Sales 2021 0,11x
Nbr of Employees 14 788
Free-Float 24,0%
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Technical analysis trends JIANGLING MOTORS CORPORATI
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Mean consensus SELL
Number of Analysts 4
Average target price 10,90 CNY
Last Close Price 14,85 CNY
Spread / Highest target 18,5%
Spread / Average Target -26,6%
Spread / Lowest Target -48,1%
EPS Revisions
Managers
NameTitle
Wong Manto President & Director
Tian Gao Qiu Chairman
Hu Xiao Chairman-Supervisory Board
Weihua Li Chief Financial Officer
Qing Liu Member-Supervisory Board
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