According to the Zhitong Finance APP, Zhengtongauto (01728) announced that it is expected to incur a net loss for the six months ended on June 30, 2024, with an increase of about 65% year-on-year.

The announcement stated that despite the group's adjustment of operational strategies in response to industry trends, continued efforts in transformation and upgrading, as well as implementing cost reduction and efficiency improvement measures, the intensified competition in the domestic auto market further led to a decrease in new car sales volume and prices during the period, resulting in the aforementioned increase in net loss compared to the same period in 2023.