SAIC Motor Corp reported a 10.54 percent increase in net profit in the first quarter to nearly 6.2 billion yuan on revenues of 145.2 billion yuan, a 17 percent rise from a year ago. The Chinese partner of Volkswagen and GM, which also owns MG and Roewe, sold about 1.34 million vehicles in the first three months of the year, a year-on-year increase of 17 percent. Via: ChinaDaily.
Great Wall Motors reported net profit of more than 1.89 billion yuan in the first quarter, a 73.39 percent surge from the same period a year earlier, the company said on April 25. Statistics from China Association of Automobile manufacturers show 182,000 Great Wall vehicles were sold in the period, up 38 percent. The Haval brand sold 89,000 units in the first quarter, up 92 percent. Via: ChinaDaily.
Dongfeng Motor Corp said in its 2012 financial report filed with the Shanghai Stock Exchange on Tuesday that its net profit slumped 94.82 percent year-on-year to 21.73 million yuan ($3.46 million), while revenue declined 17.26 percent to 17.7 billion yuan.
Chinese car and battery maker BYD announced Monday that its 2012 profits tumbled 94.12 percent year-on-year amid a bleak solar market, but forecast robust profits for the first quarter of 2013.
The Shenzhen-based company specializing in electric vehicles, rechargeable batteries and photovoltaic (PV) cells reaped 81.38 million yuan ($13 million) in net profits in 2012, down 94.12 percent year-on-year, according to its annual report filed with the Shenzhen Stock Exchange.
China’s leading automaker SAIC Motor Co Ltd, said Wednesday its net profit increased 1.43 percent year-on-year to 5.35 billion yuan ($849 million) in the third quarter of 2012.
The net profit growth in July-September marked the slowest quarterly expansion in three and a half years, according to a statement the company filed to the Shanghai Stock Exchange.
BYD Co Ltd, China’s battery and electric car maker, has warned that profits for 2012 are expected to be down as much as 98 percent over last year, due to a slumping domestic market which dragged down demand for its vehicles, mobile parts and solar-energy cells.
The Chinese battery and automaker BYD Ltd remains cautious about its third-quarter outlook and has forecast a steep profit fall of as much as 95 percent for the first three quarters after having significantly underperformed most of its peers in the first half, dragged down by its solar-cell and handset units.
Chinese battery and vehicle maker BYD Co plans to cut salaries due to sharply lower profits amid lackluster market performance.
According to an internal document, BYD will cut bonuses between June and September by 18 percent, which will make the total earnings of employees in the Shenzhen-based company slide by 14 percent during that period.
Beijing Automotive Group (BAIC), the Chinese partner of Daimler AG and Hyundai Motor Co, Monday said that its profit in 2011 increased by 46.1 percent year-on-year, far beyond the average 8-percent growth for the whole industry in China.