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]

Clive Goldthorp

About the Author:

Clive claims that his interest in the BMC>MG story dates back to his childhood in the 1960s when the family’s garage premises were leased to a tenant with an Austin agency. However, back in the 1920s and 1930s, his grandmother was one of the country’s first female Garage Proprietors so cars probably run in his genes! Admits to affairs with Alfa Romeos, but has more recently owned an 06/06 MG TF 135 and then a 15/64 MG3 Style… Clive, who was AROnline’s News Editor for nearly four years, stood down from that role in order to devote more time to various Motor Racing projects but still contributes articles on as regular basis as his other commitments permit.

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