(Yicai Global) April 22 -- One of Volkswagen's three partners in China, JAC Motors, is expected to report a 69 percent annual drop in net profit in the first quarter as a result of fewer subsidies, the firm said in a statement on April 20.

Subsidies fell by 325 million yuan in the first quarter, per the statement. Hefei, Anhui province-based JAC, which makes both electric vehicles and fuel cars, lost CNY770 million last year, or CNY1.9 billion without this massive government handout.
Editor: Ben Armour