SAIC Motor reports falling sales in first five months

BEIJING, June 16 (Xinhua) -- Shanghai-based SAIC Motor Corp. reported falling sales during the first five months of the year.


An exhibition booth of the SAIC Motor Corp. at the 18th Shanghai International Automobile Industry Exhibition on April 16, 2019. (Photo: VCG)

Auto sales plunged 16.7 percent year on year to 2.47 million units during the period, according to a statement filed to the Shanghai Stock Exchange.

Its three joint ventures -- SAIC Volkswagen, SAIC-GM and Shanghai General Motors Wuling -- all witnessed falling sales, down 9.31 percent, 15.15 percent and 27.92 percent, respectively.

Car production of the company also lost steam, with a total of 2.39 million units produced in the first five months, shrinking 21.57 percent from a year ago.

China, the world's biggest auto market, has seen weak sales in recent months.

In May, a total of 1.913 million vehicles were sold in the country, down by 16.4 percent year on year, according to the China Association of Automobile Manufacturers.