SAIC Motor, China's largest carmaker, said quarterly earnings had dropped nearly 50 per cent and forecast a flat vehicle market in China for 2009 in spite of surprisingly strong China vehicle sales.
Net profit for the first quarter was Rmb627m ($91m), compared with Rmb1.24bn in the same period last year. Full-year 2008 net profits fell 85 per cent to Rmb656m. The quarterly profits reversed fourth-quarter losses, but SAIC said the outlook for the full year “is not optimistic with lots of uncertainties ahead”.
The carmaker said it expected to sell 1.8m vehicles this year, compared with 1.83m in 2008. SAIC said it expected the China vehicle market also to be flat this year, at 9.35m vehicles, well below a government target of 10m vehicles.
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