SHANGHAI, April 29 SAIC Motor Corp,
China's biggest automaker, posted a 12.6 percent rise in
first-quarter earnings, helped by healthy sales growth at its
ventures with Volkswagen AG and General Motors Co
The Shanghai-based company made a net profit of 6.98 billion
yuan ($1.12 billion), compared with 6.2 billion yuan a year
earlier, it said in a statement posted on the Shanghai Stock
China's vehicle sales rose 13.9 percent last year and are
expected to grow 8-10 percent in 2014, according to the China
Association of Automobile Manufacturers.
Vehicle sales volume at SAIC's venture with Volkswagen grew
25 percent during the first quarter while sales at SAIC's two
ventures with GM rose 17 percent and 5 percent respectively.
State-owned SAIC generated about 90 percent of its vehicle
sales volume from its joint ventures with GM and Volkswagen in
Earlier, China's official Xinhua News Agency quoting an
announcement by the Shanghai government as saying SAIC planned
to promote the head of its passenger car unit to become the
firm's new president.
($1 = 6.2530 Chinese Yuan)
(Reporting by Samuel Shen and Kazunori Takada; Editing by Mark