SAIC Motor Corp has fleshed out details of its first quarter performance.
The Chinese automaker – the largest in the country by volume – earlier this month said that it had more than quadrupled its first-quarter net profit, as government policy incentives helped drive strong growth in car sales in the world’s biggest auto market. However, it did not provide specific details at the time.
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SAIC, which runs car manufacturing ventures with General Motors and Volkswagen, today said net profits for the three months ended 31 March was CNY2.88bn, up from CNY626.9m a year earlier.
Revenue totalled CNY62.83bn in the period, up from CNY27.22bn a year earlier.
No further details were provided.
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