China’s largest automaker SAIC Motor Corp said its first half profits fell 26% year-on-year to US$173 million despite strong sales of both General Motors and Volkswagen cars, Bloomberg reported. Revenues rose by 6.9% to US$9 billion, but write-offs resulting from South Korean unit Ssangyong Motor’s bankruptcy eroded gains. Ssangyong posted its seventh straight quarterly loss in the quarter ended June, and the automaker’s unionized workforce in August ended long-running strikes that culminated in police raids. SAIC sold 1.23 million vehicles in the first half, up 24% year-on-year, giving it a 20% share of the China market, the company said. Full-year sales may reach 2 million, up from 1.8 million last year. Overall vehicle sales for the first seven months in China rose by 31% year-on-year to 5.37 million, SAIC said.
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