SAIC Motor warns of grim outlook
August 31, 2015 Category Automotive, Weekly
China’s largest automaker SAIC Motor Corp warned of a grim outlook for the overall vehicle market in the second half of the year. Vehicle sales in China, the world’s largest car market, rose 0.4% in the first seven months and are set to grow 3% this year, under half the 2014 growth rate, the China Association of Automobile Manufacturers (CAAM) said. SAIC expects 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% year-on-year to CNY14.2 billion. SAIC’s revenue rose 1.1% to CNY323 billion from a year earlier.
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