General Motors and Volkswagen Chinese partner SAIC Motor has beaten forecasts with a 7% rise in net profit for the first quarter of 2012.

The automaker booked net income of CNY5.61bn (US$889.6m), up from CNY5.24bn in Q1 2011, beatingthe average forecast of CNY3.98bn in a poll of 15 analysts at Thomson Reuters.

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Revenues totalled CNY124bn and unit sales increased 8.4% to 1.14m vehicles.

Sheng Ye, associate research director for greater China at industry consultancy Ipsos told Reuters: “SAIC has two very strong foreign partners and its own brand cars are also expanding their appeal. There is no question that it will be holding up better than many of its peers.”

SAIC president Chen Hong said overall vehicle sales in China were expected to increase 7-8% this year and SAIC expected to continue outperforming the market.

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