Trans-China Automotive (SGX:VI2) expects a net loss for FY24, citing weak consumer sentiment and an intense price war in the Chinese car market, according to a Wednesday filing on the Singapore Exchange.
Despite 5% GDP growth in China, sluggish retail sales and a housing slump hurt demand for premium cars.
The competitive market, with EV makers offering deep discounts, further impacted the company's sales and margins. Full financial results are expected by Feb. 27.
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