Scale Back in China's EV Subsidies Weigh Down on Yutong's Bottom Line, FVE Reduced to CNY 16.1
Zhengzhou Yutong once again posts weak quarterly results with top and bottom lines down 24% and 47% year-over-year respectively. Disappointing performance is largely caused by the national government's cuts on EV subsidies. While the subsidy scale back will certainly lead contraction in the company's bottom line over the near term, we view this as a temporary disruption in an otherwise a fundamental industry shift toward new energy vehicles. With this expectation in mind, we think the company wi...ZHENGZHOU YUTONG BUS CO.,LTD. is a China-based company principally engaged in the research and development, manufacture and sale of passenger car products. The main products of the Company consist of urban buses, seat coaches, school coaches and other types of passenger cars. The Company also provides ground passenger transportation services. The Company distributes its products within domestic markets and to overseas markets.
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