Chinese auto glass supplier Fuyao Glass Industry Group Co. said its U.S. subsidiary posted a net loss of 92.1 million yuan ($13.4 million) in the first half of this year, as opposed to a net profit of 147.6 million yuan a year earlier.
In its mid-2020 financial report released this week, Fuyao Glass, a Shanghai-listed company, blamed the loss of its U.S. subsidiary on the impact of the COVID-19 pandemic. Other suppliers in the U.S. posted major losses for the second quarter, particularly in April and May when most U.S. auto production was halted.
Affected by the pandemic, operating revenue of the subsidiary, Fuyao Glass America, tumbled 30 percent from a year earlier to 1.3 billion yuan in the first six months, according to the report.
Fuyao Glass America has plants in Ohio and Michigan that produce glass for vehicles. It also has a factory in Illinois that makes float glass for other industries.
