SAIC net earnings soar
By Jin Jing |
April 3, 2010, Saturday
|
Print Edition
Print Edition
SAIC Motor Co, China's biggest auto maker, yesterday said its 2009 net profit soared ninefold from a year earlier, fueled by strong vehicle sales amid government stimulus policies.
The Chinese partner of General Motors Corp and Volkswagen AG said net profit totaled 6.59 billion yuan (US$966 million) last year and sales rose 32 percent to 139.6 billion yuan, according to a statement filed to the Shanghai Stock Exchange.
The Chinese government's incentives for vehicle purchases had propelled car makers such as SAIC to achieve record sales last year.
The Shanghai-based car maker sold 57 percent more vehicles at 2.72 million units, which helped it capture an improved market share of 19.9 percent, it added.
Analyst Xu Caihua at Guodu Securities said he expects SAIC to keep growing this year.
"But a solid pace (in sales) is expected with slower growth in profitability for SAIC because the whole industry is threatened by risks of overcapacity, price war and rising raw material prices," Xu said.
SAIC forecast revenue to rise to 245 billion yuan and to sell 3 million units in 2010.
SAIC plans to launch a hybrid version of its self-owned vehicles this year.
The Chinese partner of General Motors Corp and Volkswagen AG said net profit totaled 6.59 billion yuan (US$966 million) last year and sales rose 32 percent to 139.6 billion yuan, according to a statement filed to the Shanghai Stock Exchange.
The Chinese government's incentives for vehicle purchases had propelled car makers such as SAIC to achieve record sales last year.
The Shanghai-based car maker sold 57 percent more vehicles at 2.72 million units, which helped it capture an improved market share of 19.9 percent, it added.
Analyst Xu Caihua at Guodu Securities said he expects SAIC to keep growing this year.
"But a solid pace (in sales) is expected with slower growth in profitability for SAIC because the whole industry is threatened by risks of overcapacity, price war and rising raw material prices," Xu said.
SAIC forecast revenue to rise to 245 billion yuan and to sell 3 million units in 2010.
SAIC plans to launch a hybrid version of its self-owned vehicles this year.
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