31 Jan SAIC Profits rise
Posted at 15:37h
SAIC’s 2017 net profit rises 7% behind sales growth
Automotive News China | 2018/1/23
in LDV News
SAIC Motor Corp. estimates its net profit last year rose 7 percent to 34.2 billion yuan ($5.3 billion).
The state-owned automaker attributed the increase in profitability to sales growth at its subsidiaries and joint ventures with General Motors and Volkswagen Group, the two biggest foreign automakers in China.
Aside from the two joint ventures, SAIC builds and sells passenger vehicles, buses and trucks under its own brands.
Last year, SAIC’s proprietary brands and joint ventures with GM and VW sold 6.9 million vehicles, up 6.8 percent.
Sales at SAIC-GM — which markets the Buick, Chevrolet and Cadillac brands — increased 6 percent to 2 million vehicles.
Deliveries at SAIC-GM-Wuling — a joint venture with GM that produces Wuling minibuses and passenger vehicles under the Baojun brand — edged up 0.9 percent to 2.2 million units.
Sales at SAIC-VW, the company’s partnership with Volkswagen, rose 3 percent to 2.1 million vehicles.
Combined deliveries at SAIC’s Roewe and MG car brands surged 62 percent to 534,187 in 2017.