SAIC Motor, whcih has Chinese joint ventures with General Motors and Volkswagen, on Wednesday said fourth quarter net profit rose 58.4% year on year to CNY4.15bn (US$632m) from CNY2.62bn.

The results beat a consensus forecast of CNY3.68bn from three analysts polled by Reuters.

SAIC said in January it expected a more than doubling of its net income for 2010 after its annual vehicle sales increased 31.5% to 3.58m units, the news agency noted.