China’s Biggest Carmaker Posts 29% Profit Drop on Industry Slump
Photographer: Qilai Shen/Bloomberg
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SAIC Motor Corp., the biggest automaker in China, reported a 28.9% drop in earnings for last year as an industry-wide sales slump undermined manufacturers’ profitability in the world’s largest market.
Net income at the company, a partner of Volkswagen AG and General Motors Co., fell to 25.6 billion yuan ($3.6 billion) for 2019, it said in a statement Monday. Analysts predicted 27 billion yuan on average. Revenue fell 6.88% year-on-year.