China’s biggest automaker, SAIC Motor, has reported second quarter net profit up 266% on strong vehicle sales. The automaker, which also has joint car making ventures with General Motors and Volkswagen, booked an April-June net profit of CNY3bn (US$441m), compared to CNY818.9m a year earlier, it said in a stock exchange filing.
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The result was just ahead of an average forecast of CNY2.9bn from three analysts surveyed by Reuters.
The Shanghai-based automaker said first half profits rose 306%. In April, it had projected a 300%-plus year on year surge in H1 net profit.
