Auto group expects profit to quadruple
By Jin Jing |
July 21, 2010, Wednesday
|
Print Edition
Print Edition
CHINA'S largest auto group, SAIC Motor Corp, expects first-half profit to have more than quadrupled from a year earlier after surging sales.
Shanghai-based SAIC said yesterday that net income would increase from the 1.45 billion yuan (US$214 million) for the first half of 2009.
Although sales growth had slowed from April, China's auto sales were 47 percent higher in the first six months compared to last year, the China Association of Automobile Manufacturers said.
SAIC, partner of General Motors Co and Volkswagen AG, said its first-half sales rose by 44 percent to more than 1.77 million units.
SAIC earlier estimated it would achieved sales of 3 million units this year with its self-branded vehicles doubling sales to 180,000 units.
Its venture with General Motors saw sales of more than 480,000 Buicks and Chevrolets in the first six months, up 66 percent from the same period last year.
Shanghai Volkswagen reported sales of 447,008 units during the same period, an increase of 40 percent from 2009. Its sales included 363,774 units of VW-branded cars as well as 83,234 Skodas, the Czech brand under VW.
Shanghai-based SAIC said yesterday that net income would increase from the 1.45 billion yuan (US$214 million) for the first half of 2009.
Although sales growth had slowed from April, China's auto sales were 47 percent higher in the first six months compared to last year, the China Association of Automobile Manufacturers said.
SAIC, partner of General Motors Co and Volkswagen AG, said its first-half sales rose by 44 percent to more than 1.77 million units.
SAIC earlier estimated it would achieved sales of 3 million units this year with its self-branded vehicles doubling sales to 180,000 units.
Its venture with General Motors saw sales of more than 480,000 Buicks and Chevrolets in the first six months, up 66 percent from the same period last year.
Shanghai Volkswagen reported sales of 447,008 units during the same period, an increase of 40 percent from 2009. Its sales included 363,774 units of VW-branded cars as well as 83,234 Skodas, the Czech brand under VW.
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