Shanghai, China – Shanghai Carthane, a Chinese maker of polyurethane NVH and pedal assembly products, posted 76% year-on-year decrease in Q1 net profit.
The company made net profit of CNY9.8m ($1.4m) on revenue down 38% to CNY88m.
This compares with a 36% drop in the firm’s 2019 annual profit and a 10% drop in revenue.
Carthane sold 30.2m units of PU-based NVH products and 1.7m units of PU-based lightweight pedal assemblies in 2019. This includes 1.9m units of PU NVH and 164,000 units PU pedal assemblies to the new energy vehicle segment.
Across China last year, a total of 4.83m PU-based NVH products were sold and a further 1.2m PU pedal assemblies for new energy vehicles (NEV). These numbers are up 19% and 20% from 2018, according to Carthane’s annual report.
This was despite a disappointing year for the global automotive industry in 2019. Last year China’s NEV sales shrunk 4% to 1.2m units. But the growing share of PU products has countered the market headwinds, said Carthane’s annual report.
The company also expects its NVH products, such as bumper stops and spring aids, to expand into new applications. They could be used a suspension elements for NEV’s motors and batteries as well as the traditional suspension systems.