SHANGHAI, April 14 (Xinhua) -- Major Chinese automaker SAIC Motor Corporation Limited reported a 28.9-percent year-on-year decline in net profit of 2019 following weak auto sales.
Net profit totalled 25.6 billion yuan (about 3.6 billion U.S. dollars) last year, SAIC Motor, partners of General Motors and Volkswagen, said in its annual report filed to the Shanghai Stock Exchange.
During the last year, the company reported a revenue of 843.3 billion yuan, down 6.5 percent year on year.
Facing the bigger-than-expected downward trend in the domestic car market, the company said it sold around 6.24 million vehicles in 2019, down 11.5 percent year on year.
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