SAIC sales up 67% in first two months
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SAIC Motor, the listed arm of Chinese auto giant Shanghai Automotive Industry Corporation (SAIC), Tuesday announced car sales totaled 555,757 units in January and February, up 67.16 percent from a year earlier.
Sales for February alone were up 45.6 percent to 248,435, compared with 170,526 in the same period of last year, according to a company statement filed to the Shanghai Stock Exchange website.
Shanghai GM, SAIC's joint venture with General Motors, sold 148,762 vehicles in the first two months, up 108.97 percent from a year ago, while sales of its venture with Volkswagen were 128,593, up 56.32 percent.
The company did not explain the sales surge in the statement.
Shares of the SAIC Motor advanced 1.23 percent to 22.27 yuan as of 11:14 a.m. Tuesday.
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