Profits plummet for many as 'knockout round' looms

Many domestic carmakers are reporting that profits tumbled last year due to a slowing economy and intense competition in the world's most crowded market.

Dongfeng Motor Group Co recently said that its net profit fell 13.3 percent from 2011 to about 9.1 billion yuan last year as revenues dipped 5.6 percent to 124 billion yuan.

The Hubei-based carmaker said it sold more than 2.1 million vehicles last year, a decrease of just under 1 percent from 2011. Its passenger vehicle sales did grow by 5.7 percent to 1.7 million units, but its commercial vehicle deliveries fell 21.2 percent to about 415,000 units.