SAIC Motor sees 17% sales decline
SHANGHAI – Chinese carmaker SAIC Motor Corporation Limited saw auto sales fall 16.9 percent year-on-year in the first two months of 2019 amid a wider sales slump in the world's largest auto market.
In a filing to the Shanghai Stock Exchange late Monday, SAIC Motor, partners of General Motors and Volkswagen, said vehicle sales in January and February totalled 974,447 units.
Sales at SAIC Volkswagen and SAIC General Motors fell 10.4 percent and 14.7 percent to 301,017 units and 277,674 units, respectively.
SAIC Motor Passenger Vehicle Company, which churns out its self-owned brands, saw sales down 16.7 percent year-on-year to 100,008 units. Sales at SAIC-GM-Wuling Automobile, a leading mini van maker, declined 27.1 percent to 259,012 units.
China's passenger car market remained sluggish in February, with sales down 18.5 percent year on year, according to the China Passenger Car Association.
China sold 1.19 million passenger cars last month, falling for the ninth straight month. The decreased rate in February expanded sharply from a 4-percent year-on-year drop in January.