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SAIC Motors posts less net profits
(MENAFN)
SAIC Motor Corporation Limited, a leading car manufacturer in China, posted a decline of 28.9 percent in its 2019 net profits compared to a year earlier over weak sales of automobiles.
SAIC Motor, partners of General Motors and Volkswagen, said in its yearly reported released to the Shanghai Stock Exchange said that the net profits of the company stood at a total of USD3.6 billion in the earlier year,
The company saw a decline of 6.5 percent in its revenue in the earlier year as well to set at USD119.62 compared to a year ago.
The company said that its vehicles sales in 2019 declined 11.5 percent since a year earlier to reach only 6.24 million, as the downward trend in the domestic auto market was larger than expected.
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