SAIC Expects Q1 Profit To Soar Over 300%
By Vivian Jin |
April 10, 2010, Saturday
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Print Edition
Print Edition
CHINA'S largest auto group, SAIC Motor Corp, expects its first-quarter net profit to surge more than 300 percent from the same quarter in 2009 after vehicle sales jumped on government incentives.
Net profit for the Chinese partner of General Motors Corp and Volkswagen was 626 million yuan (US$92 million) for the January-March period last year, said a statement to the Shanghai Stock Exchange yesterday.
The car maker's sales for the first three months rose 63 percent to 890,000 vehicles as it gained from the recovery in the domestic economy and government moves to boost sales since last year.
SAIC, which sold a record 2.72 million units in 2009, aims to sell 3 million vehicles this year.
Net profit for the Chinese partner of General Motors Corp and Volkswagen was 626 million yuan (US$92 million) for the January-March period last year, said a statement to the Shanghai Stock Exchange yesterday.
The car maker's sales for the first three months rose 63 percent to 890,000 vehicles as it gained from the recovery in the domestic economy and government moves to boost sales since last year.
SAIC, which sold a record 2.72 million units in 2009, aims to sell 3 million vehicles this year.
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