SAIC Motor Q1 net profit quadruples to record high

SHANGHAI, April 28 (BestGrowthStock) – SAIC Motor Corp (600104.SS: ),
China’s biggest automaker, posted a more than quadrupling in
first-quarter net profit, as government policy incentives helped
drive strong growth in car sales in the world’s biggest auto
market.

SAIC, which runs car manufacturing ventures with General
Motors [GM.UL] and Volkswagen (VOWG.DE: ), booked a January-March
net profit of 2.88 billion yuan ($421.7 million), its biggest
quarterly earnings ever.

The result was largely in line with an average forecast of
3.1 billion yuan from three analysts surveyed by Reuters.

SAIC said earlier this month its first-quarter profit (Read more your timing to make a profit.) had
more than quadrupled from the 626.9 million yuan in the same
quarter last year.

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(Reporting by Fang Yan and Jason Subler, Editing by Ian
Geoghegan and Edmund Klamann)

SAIC Motor Q1 net profit quadruples to record high