SAIC sees grim view of vehicle market
Print Edition
China鈥檚 largest automaker SAIC Motor Corp warned yesterday of a grim outlook for the overall vehicle market in the second half of the year, as the slowest economic growth in 25 years and a downturn in the stock market put off buyers.
Vehicle sales in China, the world鈥檚 largest car market, rose 0.4 percent in the first seven months and are set to grow 3 percent this year, under half the 2014 growth rate, the China Association of Automobile Manufacturers said.
The forecast by SAIC, which has joint ventures with Volkswagen AG and General Motors Co in addition to making its own brand of vehicles, follows similar warnings of a slowdown in sales from several automakers.
鈥淚n the short term, although the domestic market situation in the second half of the year remains grim, following the macro-economy鈥檚 stabilized recovery, there are still structural growth opportunities,鈥 the company said in its earnings statement.
It sees overall sales of passenger and commercial vehicles in China at 24.1 million this year, up slightly from 2014.
For the first half, SAIC said its net profit rose 4.4 percent year on year to 14.2 billion yuan (US$2.2 billion).
SAIC鈥檚 revenue also rose 1.1 percent to 323 billion yuan from a year earlier.
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