Rough roads for Chinese automaker SAIC

The Wall Street Journal reports SAIC Motor Corp., China’s largest auto maker by sales, Thursday reported sharply slower profit growth for last year as the country’s cooling economy has taken a toll on the industry.The Shanghai-based company, which produces cars with Volkswagen AG and General Motors Co., highlighted risks of a further slide in profitability in its earnings statement, citing the lackluster economy and head-to-head competition in the world’s largest auto market. SAIC said its net profit rose 6.5% from a year earlier to 29.79 billion yuan ($4.6 billion) last year. The growth is in contrast to a 13% rise it reported for the year-earlier period.