China’s SAIC Motor Corp on Wednesday said its 2009 net profit was expected to surge more than tenfold after the government’s efforts to stimulate domestic consumption led to record sales.
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The nation’s largest auto maker in terms of sales said it sold more than 2.7m vehicles last year, up 57.2% year on year, in a statement filed with the Shanghai Stock Exchange, Reuters reported.
SAIC, which has joint ventures with General Motors and Volkswagen, said it expected a more than 900% increase in 2009 net profit but did not give exact figures in the preliminary announcement.
The company was scheduled to release its annual results in early April, according to data published by the Shanghai bourse.
SAIC’s net profit for 2008 fell 86% from the previous year to CNY656.2m (US$96m) due to dwindling demand amid the global financial crisis and heavy losses in its ailing South Korean unit Ssangyong Motor.
China’s auto sales for the first 11 months of the year reached 12.23m units, according to the China Association of Automobile Manufacturers.
In contrast, the US market finished the full year down 21.2% to 10,402,215 units.
