Yulon Projects Growth in Taiwan's Auto Market; Luxgen Stake Transfer Completed in April
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AI Summary (NQ-processed)
Yulon Motor stated on the 20th that Taiwan's auto market is expected to stabilize and anticipates this year's sales to be flat or show slight growth compared to last year. The company also announced that the acquisition of Luxgen's equity by Foxtron was completed in April, and Luxgen will be deconsolidated from Yulon's financial statements starting in the second quarter. Despite a decline in Q1 revenue, operating profit grew due to cost control measures. Yulon will now focus its energy business on traction batteries and the 'behind-the-meter' storage market.