SAIC Motor Corp.’s net profit slipped 25 percent to 20.8 billion yuan ($3.0 billion) in the first three quarters while revenue dropped 14 percent to 572.8 billion yuan.
The steep decline in the state-owned automaker’s profit and revenue reflects a prolonged sales slump at its joint ventures with General Motors and Volkswagen Group.
In the first nine months, deliveries at SAIC-GM-Wuling, SAIC’s light-vehicle joint venture with GM, plunged 25 percent to about 1.13 million.
SAIC-GM-Wuling builds and markets Baojun-badged entry-level cars and Wuling-brand minibuses.
Sales at SAIC-GM, SAIC’s passenger vehicle partnership with GM, fell 15 percent to 1.22 million.
SAIC-GM produces and distributes Cadillac, Buick and Chevrolet cars and light trucks.
Deliveries at SAIC-VW, which produces and sells cars for VW and Skoda brands, dropped 8.2 percent to 1.39 million in the first three quarters.
During the same the period, aggregate sales of light vehicles, trucks and buses SAIC marketed under its proprietary brands, also fell 16 percent to around 660,000.
Total sales of SAIC and its joint ventures with GM and VW declined 14 percent to around 4.41 million in the first nine months.
