SAIC makes World's top 10, with '09 profit up 900%

Shanghai, April 12 (Gasgoo.com) Shanghai Automotive Industry Corporation (SAIC) becomes China’s first automaker entering into world top 10 list in annual sales volume. SAIC’s 2009 annual report revealed that it sold 2.72 million vehicles in the whole year. It is better than some international automakers like Suzuki, Fiat and makes SAIC rank No.8 all among automakers over the world.

SAIC’s annual revenue reached 139.6 billion yuan in 2009, with 843 million yuan of operating profit. Its net profit reached 659.2 million yuan, jumped 900 percent from the previous year. The annual sales volume is 11% higher than the average level which is not included the increase of 57.2% from SsangYong Motor.

Shanghai Volkswagen and Shanghai General Motor (both belong to SAIC) are top 2 domestic automakers in selling passenger vehicles. SAIC GM Wuling becomes the first automaker that has achieved annual sales volume of over 1 million as a single automotive enterprise. SAIC sells 90,000 self-owned brand vehicles, up more than 150% compared to the last year.

SAIC predicts that the sales goal for 2010 is to exceed 3 million vehicles, with revenuer of 245 billion yuan and operating cost of 205 billion yuan.