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CHINA: SAIC eyes profit growth of over 10% in 2011

By Graeme Roberts | 13 October 2011

A senior executive of SAIC Motor, the GM and VW JV partner in China, said the company expects its earnings to grow by over 10% in 2011.

At an industry forum in Chengdu, SAIC vice president Chen Zhixin said: "The company would likely hit its 2011 sales target of 4m vehicles."

Despite a market slowdown, the company reported a 46.1% profit growth in the first six months of the year.

The general consensus in the industry is that the carmaker should be able to post double-digit profit growth in 2011 as costlier VW and GM models continue to be popular in China.