China Watch : SAIC Motor Q1 to Q3 profits rise 140% to $1.4 billion
Automotive News China, 18th October, 2010
SHANGHAI – SAIC Motor estimates that its profits in the first nine months of 2010 rose about 140 per cent to 9.6 billion yuan ($1.4 billion), reflecting strong sales at its passenger car ventures and commercial truck partnerships.
SAIC Motor, the Shanghai-listed subsidiary of Shanghai Automotive Industry Corp. (SAIC Group), says profits for the same period a year earlier totaled 4 billion yuan. The company has not yet released detailed financial results for the third quarter.
State-owned SAIC Group is China’s largest domestic automaker. It runs 50:50 joint ventures with General Motors Co. and Volkwagen AG. It owns a 51 percent stake in SAIC-GM-Wuling Automobile Co., a commercial mini-vehicle maker, and it builds its own passenger vehicles under the Roewe and MG brands.
SAIC Motor also owns controlling stakes in three commercial vehicle makers: Shanghai Huizong Automotive Manufacturing Co., Shanghai Sunwin Bus Corp., SAIC-IVECO Hongyan Commercial Vehicle Co. and Nanjing IVECO Motor Co.
Year-to-date sales at the ventures reached 2.7 million vehicles through September, an increase of 37 percent from a year earlier.
[Source: Automotive News China]