Not even Chairman Mao could repress today's luxury-driven Chinese consumer.
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