SAIC's Q1 net profit surges by more than 300%

Shanghai Automotive Industry Corp. (SAIC) has revealed that its net profit surged by more than 300% year-on-year (y/y) during the first quarter, compared with year-earlier profits of 626.9 million yuan (US$91.7 million), reports Reuters. The Chinese automaker said in its statement filed with the Shanghai Stock Exchange (SSE) that its vehicle sales increased 64% year-on-year during the period to 891,795 units, with about 336,387 vehicles sold in March alone. SAIC operates in the Chinese vehicle market through passenger car joint ventures (JVs) with General Motors and Volkswagen, and a three-way commercial vehicle (CV) alliance with GM and Liuzhou Wuling Motors. (April 9, 2010)