BEIJING: China’s largest automaker SAIC Motor Corp reported a 12.8 percent rise in 2014 net profit, despite a broad economic slowdown weighing on commercial vehicle sales and increasingly strict fuel efficiency standards.
SAIC, which has joint ventures with Volkswagen AG and General Motors Co, said it aims to take in 697 billion yuan (US$112.5 billion) in revenue this year, up from 630 billion yuan last year.
SAIC aims to sell 6.2 million cars in 2015, again targeting just over 10 percent growth for the year.
“Major changes in regulatory and consumer demand mean that requirements for environmental protection, smart functionality, safety, personalization and improved travel efficiency are higher,” the company said in its outlook for the market.
“The application of cutting edge technology and business model innovation have become a new industry growth point.”
Vehicle sales in China, the world’s largest car market, rose 6.9 percent last year and are expected to grow 7 percent in 2015, the China Association of Automobile Manufacturers says.
SAIC posted a net profit of 28 billion yuan, as joint venture partners Volkswagen and GM again led the country for auto sales.
It said it sold 5.6 million vehicles last year, up 10.1 percent.
