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SAIC Q1 net profit tumbles 15% behind weak sales
Automotive News China | 2019/5/3

SAIC Motor Corp.s first-quarter net profit dropped 15 percent year on year to below 8.3 billion yuan ($1.2 billion) while revenue slumped 17 percent to 19.6 billion yuan. 

The declines stemmed largely from lower sales at SAICs joint ventures with General Motors and Volkswagen Group. 

For the first three months, deliveries at the partnerships and its own car and truck plants fell 16 percent from a year earlier to 1,533,005, according to SAIC, a Shanghai-listed company.

In the period, sales at SAIC-GM, GMs passenger vehicle joint venture with SAIC, dropped 13 percent to 426,928.

Deliveries at SAIC-GM-Wuling, GMs light-vehicle joint venture with SAIC, shrank 25 percent to 429,012.

SAIC-GM produces Cadillac, Buick and Chevrolet cars and light trucks while SAIC-GM-Wuling builds vehicles for the entry-level Baojun brand and minibuses for the Wuling marque.

Sales at SAIC-VW, which assembles cars for the Volkswagen and Skoda brands, declined 8.8 percent to 469,897 in the period.

To reverse the sales declines, GM has said its two joint ventures combined will roll out more than 20 new and face-lifted vehicles in 2019, half of which will be new nameplates.

SAIC-VW will also launch sales of several new and improved products this year. They include the new Volkswagen T-Cross crossover, improved versions of the Volkswagen Polo and Skoda Superb sedans and the sporty version of the Skoda Kamiq crossover. 

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