China Watch : SAIC Motor doubled its profit in 2010
Automotive News China, 5 April 2011
SHANGHAI – SAIC Motor Co. says its profit in 2010 surged 125 percent year-on-year to 13.7 billion yuan ($2.1 billion) as the company enjoyed strong vehicle sales growth.
SAIC Motor and its joint ventures produced 3.4 million units last year, up 31 percent from a year earlier, according to the state-owned automaker’s financial report.
SAIC’s joint venture with General Motors Co. produced 1.0 million vehicles while SAIC-GM-Wuling Automobile Co. – China’s largest minivan maker – produced 1.2 million vehicles. SAIC’s joint venture with Volkswagen AG assembled 1.0 million units.
Meanwhile, SAIC’s own-brand sales of the Roewe and MG cars reached 160,000 units and SAIC Motor’s commercial vehicle unit sold 154,000 trucks and buses.
In the financial report, SAIC Motor predicts combined sales of its own and the three joint ventures will increase 12 percent to top 4 million units in 2011.
[Source: Automotive News China]