SAIC Motor's net profit tripled in Q1
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SAIC Motor Co reported its net profit more than tripled in the first quarter of this year as vehicle sales surged.
The listed unit of China's largest auto group achieved a net profit of 2.9 billion yuan (US$425 million) in the first three months of this year, compared to 627 million yuan a year earlier, according to its filings to the Shanghai Stock Exchange yesterday.
As China extended stimulus for the auto industry, its first-quarter sales jumped 63 percent to 891,800 units, triggering a revenue increase of 130 percent to 62.8 billion yuan.
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