Which is always good.SAIC seems to be doing great when compared to its Nanjing based neighbour, Nanjing Autos, who are on government welfare too rub salt in Nanjings wounds, one of their bigger joint venture partners, Fiat, seems about ready to jump ship.
SHANGHAI Automotive Co, China’s largest car maker, has announced that 2006 profits rose 29 percent.
The result came after it bought stakes in General Motors Corp and Volkswagen AG ventures from its parent and sales more than quadrupled, Bloomberg News reported.
Net income rose to 1.42 billion yuan (US$184 million) from 1.11 billion yuan a year earlier, the Shanghai-based auto maker said in a statement to the city’s stock exchange yesterday.
Sales rose 377 percent to 30.5 billion yuan.
Shanghai Auto bought 19.1 billion yuan worth of assets from its parent including stakes in car-making ventures with GM and Volkswagen in December, giving it a larger share of China’s fast-growing vehicle market.
The company has also added its own-brand Roewe sedans as its aims to beat an expected 15 percent rise in China’s vehicle sales this year.
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