Gasgoo.com (Shanghai April 1) - SAIC Motor, which has stopped trading in the midst of company restructuring, announced that its earnings from 2010 to 2009 more than doubled, the Beijing Times reported today. The manufacturer reported a net profit of 13.73 billion yuan ($2.1b) last year, an increase of 108.26 percent from 2009. Stock value also rose by 1.61 yuan ($0.246).
SAIC's sold a total of 3.58 million vehicles last year. The Shanghai based manufacturer not only became the first domestic producer to have sales of over three million, but also ranked as the world's eighth best-selling manufacturer in 2010. Among its joint ventures, Shanghai GM saw sales of over one million, ranking as the nation's top selling brand. Shanghai GM was closely followed by fellow SAIC JV Shanghai VW.
However, in comparison with its JVs, the performance of SAIC's own brand was clearly lacking. 2010 sales were slightly over 160,000 units, an increase of 78 percent from 2009. Although the own brand failed to meet its sales target, SAIC still managed to lead other domestic own brands.
