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Costs drive down earnings at SAIC
SAIC Motor Corp, China's biggest auto maker, said first-half profit fell 28 percent on higher raw material costs and lower-than-expected demand.
Net income rose to 2 billion yuan (US$292 million), or 0.305 yuan a share, from 2.7 billion yuan, or 0.415 yuan a year earlier, the Shanghai-based auto maker said in a statement to the city's stock exchange yesterday. Sales rose to 58 billion yuan from 51 billion yuan.
Higher prices for steel and other materials outweighed gains from SAIC's vehicle sales. Profit growth at Chinese auto makers slowed to 30 percent in the first half from 66 percent a year earlier, as costs rose and car makers slashed prices to win market share, according to the China Association of Automobile Manufacturers.
'Rising inflation and fuel prices are undermining overall car demand, and SAIC will face bigger challenges in the second half,' Lu Lei, an analyst at Great Wall Securities Co in Beijing, told Bloomberg News. 'Still, its venture with Volkswagen has turned the corner, and sales are picking up.'
SAIC Motor's overall vehicle sales climbed 18 percent in the first half to more than 990,000, the company said. China's industry-wide vehicle sales rose 19 percent in the first half to 5.18 million, according to the association.
China sales growth at General Motors, which builds vehicles in the country through ventures, including SAIC, rose 13 percent in the first half as a lack of new models stymied demand.
Volkswagen's sales gained 23 percent. The German auto maker has ventures with SAIC and China FAW Group Corp, the country's No. 2 car maker.
SAIC's sales of Roewe sedans rose 8 percent in the first six months to 8,244. The car maker also plans to resume full output of MG cars at a plant in England by the end of the year.
Net income rose to 2 billion yuan (US$292 million), or 0.305 yuan a share, from 2.7 billion yuan, or 0.415 yuan a year earlier, the Shanghai-based auto maker said in a statement to the city's stock exchange yesterday. Sales rose to 58 billion yuan from 51 billion yuan.
Higher prices for steel and other materials outweighed gains from SAIC's vehicle sales. Profit growth at Chinese auto makers slowed to 30 percent in the first half from 66 percent a year earlier, as costs rose and car makers slashed prices to win market share, according to the China Association of Automobile Manufacturers.
'Rising inflation and fuel prices are undermining overall car demand, and SAIC will face bigger challenges in the second half,' Lu Lei, an analyst at Great Wall Securities Co in Beijing, told Bloomberg News. 'Still, its venture with Volkswagen has turned the corner, and sales are picking up.'
SAIC Motor's overall vehicle sales climbed 18 percent in the first half to more than 990,000, the company said. China's industry-wide vehicle sales rose 19 percent in the first half to 5.18 million, according to the association.
China sales growth at General Motors, which builds vehicles in the country through ventures, including SAIC, rose 13 percent in the first half as a lack of new models stymied demand.
Volkswagen's sales gained 23 percent. The German auto maker has ventures with SAIC and China FAW Group Corp, the country's No. 2 car maker.
SAIC's sales of Roewe sedans rose 8 percent in the first six months to 8,244. The car maker also plans to resume full output of MG cars at a plant in England by the end of the year.
