Shanghai Auto Holdings: the biggest shareholder of SSANG YONG Motor Company

Korea Ssang Yong motor has been completed transferring from Shanghai Automotive Group Inc. to Shanghai Automotive Company Ltd.

It is reported that SAIC has transferred its last 2.41% shares of Ssang Yong motor to SAIC Automotive through the exchange of stock yesterday. So far, SAIC holds 51.33% shareholding of Ssang Yong motor.

"Ssang Yong motor will play a central role in SAIC's global strategic project. Meanwhile, the company will become an independent company." Ssang Yong motor said yesterday.

In March of this year, Ssang Yong motors issued a long-term development strategy report, announced that it would set up a joint venture company with Shanghai Automotive, and make full use of their marketing network. The report says that the company will achieve sales of 330,000 vehicles in 2011, with annual sales of 6 trillion won (about 6.383 billion U.S. dollars), also plans to achieve a net profit of 3% -4% rates.

According to statistics, SSANG YONG Motor Company sold a total of 35,246 vehicles in the first quarter of this year, including 14,957 sold in domestic market, 20,289 units in oversea markets, and Knock-Downs (referring auto parts imported from abroad, then assembled in the domestic auto assembly plants). In the Chinese market, Ssang Yong motor car sales reached 3,000 units in first quarter of this year, and last year the figure was only 2,000 units.

It is reported that Ssang Yong motor sales revenue was 833.9 billion won in the first quarter of this year, with operating profits of 27.9 billion won, net profit of 93 billion won. Sales had an increase of 14.9% to 7,256 million won year on year. Operating profit increased significantly from the fourth quarter of last year to 203 billion won, increased 37.4%.