ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

Top Chinese automaker SAIC warns of 22% profit fall

Company misses sales target as foreign joint ventures struggle

HONG KONG -- SAIC Motor, China's largest automaker, warned investors Monday that its net profit for 2020 apparently dropped 21.9% after annual sales fell well short of target.

In a brief filing to the Shanghai Stock Exchange after trading hours, the company said it would post net earnings of about 20 billion yuan ($3.09 billion), based on preliminary unaudited estimates. This would be 17% below the market consensus of 24.08 billion yuan compiled by a QUICK-FactSet survey of 23 analysts.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more