China Watch : SAIC Motor’s estimated net profit doubles in 2010
Automotive News China, 10th February, 2011
SHANGHAI – SAIC Motor Corp. estimates its 2010 net profit doubled from 6.6 billion yuan ($997 million), the Shanghai Daily reported, citing a company statement to the Shanghai Stock Exchange.
Last year, SAIC Motor and its various joint ventures sold 3.4 million units in China, enough for a 20 percent share of the light-vehicle market.
SAIC Motor maintains joint ventures with Volkswagen AG and General Motors Co.
This year, China’s largest domestic automaker is launching sales of its MG brand in some European markets, and has formed a joint venture with General Motors to sell commercial vehicles in India.
[Source: Automotive News China]