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SAIC posts soaring sales in January

SAIC Motor, the listed arm of China's auto giant Shanghai Automotive Industry Corporation (SAIC), said Saturday its car sales totaled 307,384 units in January, up 89.8 percent from a year earlier.

January's output stood at 296,685 units, up 90.2 percent year on year, said the automaker in a statement filed to the Shanghai Stock Exchange website.

Its subsidiary Iveco Hongyan Commercial Vehicle Co. posted the strongest sales gain in January, up 548.5 percent from a year ago to 2,088 units while output grew 398.5 percent to 2,587 units.

Shanghai GM, SAIC's joint venture with General Motors, sold 68,186 vehicles in January, up 67.8 percent. Its output jumped 83.7 percent to 67,568 units.

Shanghai Volkswagen, its another subsidiary, sold 90,202 vehicles in January, up 150.1 percent. It produced 89,980 cars which grew 154.7 percent year on year.

Shares of the SAIC Motor shed 1.52 percent to 20.15 yuan Friday as the benchmark Shanghai Composite Index retreated 1.87 percent to a three-month low of 2,939.40 points.


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