SAIC to spend more on own auto brands

Chinese automaker SAIC Motor (600104.SHA) has vowed to spend more to develop its own car brands, Bloomberg reported, citing company chairman Chen Hong on Thursday. Chen’s comments come after SAIC Motor’s sales barely rose in the first five months of the year despite higher overall market growth. SAIC Motor’s own-brand deliveries rose 0.1% in the first five months to 85,155 units, compared with the 7.4% gain for its car venture with General Motors (GM.NSYE). SAIC Motors also partners with Volkswagen (VOW.ETR), the best-selling car maker in China.