SAIC Motor’s First-Quarter Profit Slumped 86% Due to Covid-19(Yicai Global) April 30 -- Net profit at SAIC Motor, China’s largest carmaker, fell 86.4% to CNY1.12 billion (USD158 million) in the first quarter due to the Covid-19 pandemic, it said in a statement yesterday.
The Shanghai-based firm’s first-quarter revenue slumped 48.4% to CNY101.3 billion (USD14.3 billion).
The company expects first-half profit to be significantly different from a year earlier and considers Covid-19 as the biggest risk to the auto market this year.
Editor: James Boynton
