SAIC's 1st-quarter profit rises 13% on strong sales at VW, GM joint ventures
SAIC Motor Corp., China's biggest automaker, posted a 13 percent rise in first-quarter earnings, helped by healthy sales growth at its ventures with Volkswagen AG and General Motors.
The Shanghai company generated a net profit of 6.98 billion yuan ($1.12 billion), compared with 6.2 billion yuan a year earlier, it said in a statement posted on the Shanghai Stock Exchange Web site.
Its revenue rose 16 percent year-on-year to 167.6 billion yuan during the same period.
China's vehicle sales rose 14 percent last year and are expected to grow 8 to 10 percent in 2014, according to the China Association of Automobile Manufacturers.
Vehicle sales volume at SAIC's venture with Volkswagen grew 25 percent during the first quarter while sales at SAIC's two ventures with GM rose 17 and 5 percent.
State-owned SAIC generated about 90 percent of its vehicle sales from its joint ventures with GM and Volkswagen in 2013.
Meanwhile, Shanghai Communist Party Committee issued a statement on its Web site that SAIC plans to promote the head of its passenger car unit to become the company's new president.
Its revenue rose 16 percent year-on-year to 167.6 billion yuan during the same period.
China's vehicle sales rose 14 percent last year and are expected to grow 8 to 10 percent in 2014, according to the China Association of Automobile Manufacturers.
Vehicle sales volume at SAIC's venture with Volkswagen grew 25 percent during the first quarter while sales at SAIC's two ventures with GM rose 17 and 5 percent.
State-owned SAIC generated about 90 percent of its vehicle sales from its joint ventures with GM and Volkswagen in 2013.
Meanwhile, Shanghai Communist Party Committee issued a statement on its Web site that SAIC plans to promote the head of its passenger car unit to become the company's new president.
