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News from China Association of Automobile Manufacturers (CAAM for short as below) reports that the net profit of Shanghai Automotive Industry Corporation (SAIC) may hit record high at last year. Due to the government’s stimulus policies, China auto sale breaks through 13 million units. Many Chinese auto buyers have to wait for a long time and queue up in the 4S shop to get their autos. Hence, many auto experts predict that the net profit of SAIC may grow 10 times in 2009.
SAIC sells many kinds of autos, including sedan, SUV, minivan, minibus and so on. In the year of 2009, China rural auto market was very hot because of the trade-in and subsidies policies from the central government. Hence, the minibus and the minivan are very popular in this area.
According to the statistics, the net profit of SAIC’s partners General Motors Corp and Volkswagen AG was 656.17 million yuan (US$96 million) in 2008. Shanghai Volkswagen was the No. 1 auto seller in China last year with sales of 729,000 units, followed by Shanghai GM"s 727,000 units.