economy: Car: prices down, costs up

The previously very lucrative car market in China took a downward trend in the first months of 2004, the People's Daily reports.
The 13 top-car companies in China - that would include the ventures of Volkswagen and GM - was a 13.4 percent drop in profitability 4.55 billion Reminbi (US$ 550 million) in January and February this year, compared to the same period last year.
Costs when up 7 percent, because of more expensive steel products. Dropping import rates under the WTO made the car market more competitive.