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SAIC’s Quarterly Profit Up 5%
SAIC Motor Corp., China's largest carmaker, posted a net profit in the third quarter of 6.8 billion yuan ($1.1 billion) compared with 6.5 billion yuan in July-September 2013, Bloomberg News reports.
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SAIC Motor Corp., China's largest carmaker, posted a net profit in the third quarter of 6.8 billion yuan ($1.1 billion) compared with 6.5 billion yuan in July-September 2013, Bloomberg News reports.
Vehicle sales by the company's ventures with Volkswagen and General Motors grew 8% to 408,000 units and 11% to about 422,000 units, respectively. Demand for vehicles made by by its tie-up with GM and Wuling climbed 19% to 439,000 units.
SAIC says sales by its own MG and Roewe brands plunged 40% compared to the third quarter of 2013.
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