SAIC Motor reports falling sales in first three quarters

BEIJING, Oct. 30 (Xinhua) -- Shanghai-based SAIC Motor Corp. reported falling sales during the first three quarters of the year.

Auto sales went down 14.23 percent year on year to 4.41 million units during the period, according to a statement filed to the Shanghai Stock Exchange.

Its three joint ventures, namely, SAIC Volkswagen, SAIC-GM and Shanghai General Motors Wuling, all witnessed shrinking sales, down by 8.2 percent, 14.98 percent and 24.64 percent, respectively.

In the first nine months, the company's net profit stood at 20.79 billion yuan (about 2.9 billion U.S. dollars), down 24.86 percent year on year.