BEIJING – Shanghai-based Chinese automaker SAIC Motor Corporation Limited reported plunging sales in the first quarter of this year.

Auto sales plunged 55.71 percent year on year to 679,028 units during the January-March period, the company said in a statement filed to the Shanghai Stock Exchange.

Its three joint ventures — SAIC Volkswagen, SAIC-GM and Shanghai General Motors Wuling — all witnessed falling sales, down 60.89 percent, 58.03 percent and 61.53 percent, respectively.

Car production of the company also lost steam, with a total of 657,422 units produced in the first three months, shrinking 56.87 percent from a year ago.

During the first quarter, auto production and sales in China stood at 3.47 million units and 3.67 million units, down 45.2 percent and 42.4 percent year on year, respectively, according to data from the China Association of Automobile Manufacturers.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Alibaba to take control of top hypermarket for $3.6b

Alibaba Group Holding Ltd said on Monday it will invest $3.6 billion to gain a controlling stake in hypermarket operator Sun Art Retail Group Ltd, upping the ante in China’s fierce retail market. The ecommerce giant, which already owns 21…

Why predictability on bourses amid uncertainties is a virtue

If there was something that was as per expectations last year, it must have been the disruptions in the wake of the unexpected COVID-19 pandemic. I remember in the second half of February last year, I finally heaved a big…

Europe restricts visitors from the US amid virus resurgence

The European Continent on Tuesday reopened to visitors from 14 countries, but not the U.S., where some of the states that pushed hardest and earliest to reopen their economies are now in retreat because of an alarming surge in confirmed…

Cathay Pacific and major shareholders Swire and Air China halt trading

SYDNEY (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd (0293.HK) and its major shareholders Swire Pacific Ltd (0019.HK) and Air China Ltd (0753.HK) (601111.SS) entered share trading halts in Hong Kong on Tuesday pending announcements. Cathay’s management team on Friday…