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Beiqi Foton Motor Co, Ltd one of China"s largest commercial vehicle manufacturers, its profits slumped nearly 30 percent year-on-year in 2011 due to falling sales.640,400 Foton vehicles were sold in 2011, down 6.2% over last year. Sales of medium and large buses decreased by 17.8%. And sales of light buses also decreased.
A Beiqi Foton Motor Co Ltd bus at a transport vehicle exhibition in Beijing
The company"s profits decreased to RMB 1.15 billion ($182.54 million), while revenues slid 3.45 percent to RMB 51.65 billion ($8.20 billion), according to a statement filed to the Shanghai Stock Exchange.
Foton sold 640,400 vehicles in 2011, down 6.2 percent year-on-year, meeting just 88.9 percent of its annual sales target.
A domestic economic slowdown and the cancellation of government incentives caused China"s auto sales to fall 2.45 percent year-on-year to 18.5 million units in 2011, the slowest growth rate in 13 years.
Foton said it is not upbeat about this year"s sales, despite a better macroeconomic environment, according to the statement.