SAIC Motor Corp on Tuesday said estimated first-half net profit had more than quadrupled year on year, although sales slowed slightly in the second quarter.
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China’s largest automaker by volume sold over 1.77m vehicles in H1 2010, up over 44% year on year, AFP reported, citing an SAIC statement filed with the Shanghai Stock Exchange.
The data indicated sales growth lost some momentum in the second quarter after the automaker sold over 891,800 vehicles in the first quarter, up 63.6% from Q1 2009.
SAIC, which has joint ventures with General Motors and Volkswagen, did not give specific figures for first-half earnings in its preliminary announcement.
The company is scheduled to release its first-half results on August 26.
It posted a net profit of CNY1.4bn (US$213.2m) in the first half of 2009.
Chinese vehicle sales soared 47.7% year on year in the first half of 2010 to 9.01m units, although monthly figures showed a continued trend of softening demand, the China Association of Automobile Manufacturers said.
