Bad news is coming from SAIC Motor Corp, which recently declared that the January sales have fallen 8.48% to 380,305 compared to 2011.
The company also declared that sales at its joint venture with Volkswagen AG fell 2.7% to 110,008 units, while at Shanghai GM, its joint venture with General Motors, fell 4.0% to 127,443 cars.
Even SAIC’s own-brand passenger vehicle venture had to face a drop of 45.3% to 11,001 cars.
The major vehicle companies under SAIC Motor are: SAIC Motor Commercial Vehicle Company, Ltd., Shanghai General Motors Corp, Ltd., SAIC Motor Manufacturing Co., Ltd., Shanghai Volkswagen Automotive Co. Ltd., SAIC-GM Wuling Automobile Co., Ltd., SAIC-IVECO Hongyan Commercial Vehicle Co., Ltd., and Shanghai Sunwin Bus Corporation.
SAIC Motor Corporation Limited is the largest listed vehicle-making corporation on the Chinese A-share stock market.
In 2011 SAIC managed to sell more then 4 million vehicles, up 12%, which means a 2.5% gain in China’s overall vehicle market.
The GM venture sold 18.5% and VW venture 16.4% more than the previous year. The gain came from the company’s acquisition of some assets from parent Shanghai Automotive Industry Corp.
The 2011 sales brought more than 40% income rise due to the solid demand for German and American cars made at its Shanghai ventures.