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Automobiles

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.

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