Vehicles

Chinese Buyers Resist Chairman Mao's Red Limos

Posted on July 15, 2016

The maker of Chairman Mao’s Red Flag limousine is finding it tough to compete as Chinese buyers increasingly desert sedans for SUVs. FAW Car Co., a publicly traded unit of state-owned China FAW Group, will post a loss of as much as 850 million yuan ($127 million) for the first six months after turning a profit of 168.8 million yuan in the year-earlier period.

Bloomberg News article here

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