BUSINESS SAIC Motor reports falling sales in first five months

BUSINESS

SAIC Motor reports falling sales in first five months

Xinhua

10:49, June 17, 2019

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

VCG111213110295.jpg

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.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue