Changan Automobile Co. warned it will lose an estimated 1.9 billion to 2.6 billion yuan ($277 million to $378 million) in the first half of 2019, down from a net profit of 1.6 billion yuan a year earlier.
The red ink comes amid continued weak sales at its joint ventures with Ford Motor Co. and Mazda Motor Corp.
In the first six months, deliveries at Changan Ford, which builds sedans and crossovers for the Ford brand, dropped 67 percent to 75,161, Changan said in a statement Monday.
Sales at Changan Mazda, which produces the Mazda3 sedan and Mazda CX-3, CX-5 and CX-8 crossovers, tumbled 32 percent to 61,161 in the first half.
Deliveries at Changan’s proprietary brands also slumped 23 to 688,886 in the first six months.
Changan, based in the southwest China municipality of Chongqing, is listed on the stock exchange in the south China city of Shenzhen.
