Great Wall Blames Disappointing 3Q Results on Intensifying Competition; FVE Lowered to HKD 6.10
Great Wall Motor posted disappointing third-quarter results with revenue down 19% and adjusted operating profit (adding back the portion of R&D expenses that are now capitalized to third-quarter 2017 results) down more than 70% year over year. Management continues to blame weak volume on intensifying competition and the slowdown in Chinese auto sales, which reaffirms our business strategy outlook that competitors of Great Wall are gradually achieving similar perceived value propositions as G...
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