SAIC Motor reports falling sales in first five months
BEIJING - Shanghai-based SAIC Motor Corp reported falling sales during the first five months of the year.
Auto sales plunged 16.7 percent year-on-year to 2.47 million units during the period, according to 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 9.31 percent, 15.15 percent and 27.92 percent, respectively.
Car production of the company also lost steam, with a total of 2.39 million units produced in the first five months, shrinking 21.57 percent from a year ago.
China, the world's biggest auto market, has seen weak sales in recent months.
In May, a total of 1.913 million vehicles were sold in the country, down by 16.4 percent year-on-year, according to the China Association of Automobile Manufacturers.
