JVs boost SAIC H1 profit

Joint ventures with Volkswagon (VOW.FRA) and General Motors (GM.NYSE) paid off in the first half of the year for Chinese automaker SAIC Motor (600104.SHA), helping the company post 6% growth during the period, South China Morning Post reported. Partnering with two of the most aggressive car makers in the market, SAIC sold 2.6 million vehicles in the first half, a year-on-year jump of 15%, according to a filing with the Shanghai Stock Exchange. Analysts had projected 12%. GM and VW are vying with each other to top the sales chart in the world’s biggest vehicle market.