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CIMC Vehicles announces 2020 Annual Results

indie
8 minutes

HONG KONG, Mar 25, 2021 - (ACN Newswire via SEAPRWire.com) - The world's leading high-end manufacturer of semi-trailers and specialty vehicles, CIMC Vehicles (Group) Co., Ltd. ("CIMC Vehicles") or the "Group", stock code: 1839.HK) is delighted to announce its annual results for the year ended 31 December 2020. ("Reporting Period") During the Reporting Period, the Group recorded a strong performance in each business segment driven by strong growth in the Chinese market. Annual revenue hit a record high, recording 13.0% growth from 2019 to RMB26,246 million; gross profit margins fell by 1.2pp to 11.7% from 2019 due to the impact of the Covid-19 pandemic; total assets and net assets rose to RMB19,825.2 million and RMB10,448.7 million respectively; net cash flow generated from operating activities significantly increased to RMB2,746.9 million; and return on equity (ROE) reached 12.3%.The semi-trailer business in China recorded strong revenue growth of 45.8% and an increase of 1.9pp in gross profit marginDuring the Reporting Period, the Chinese government promulgated a new development pattern that treats domestic circulation as the mainstay while allowing the dual circulation of domesti...

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Semiconductor shortage halts Volvo truck production

elean
1 minute

STOCKHOLM (AFP) - Swedish auto giant Volvo announced Monday that it is being forced to halt its truck production due to a global shortage of semiconductors. The world's second-largest producer of heavy goods vehicles "will implement stop days across its global truck manufacturing operations" in the second quarter, the Volvo Group said in a statement. "In total, these are currently estimated to between two and four weeks depending on production site," the company said, acknowledging that the effect on output would be "substantial". "Visibility into the global supply chain of semiconductors as well as other components is currently very low and the uncertainty about the development is high," Volvo said, warning the shortages would also affect its other business areas. Automakers have been especially hard hit by the supply crunch for computer chips, which stems in part from outsized demand for personal electronics during the pandemic. Ford and Volkswagen are among car manufacturers that have been forced to cut back on production due to the shortages. More on this topic Related Story Deploy 'choke points' to prevent Chinese dominance in semiconductors: US panel