CHINA-ECONOMY: AUTO SALES SLUMP
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Caixin reported (April 15) that the SAIC Motor Corp., the biggest automaker in China, reported a 28.9% drop in earnings for 2019 as an industrywide sales slump undermined manufacturers’ profitability in the world’s largest market. Net income at the company, a partner of Volkswagen AG and General Motors Co., fell to 25.6 billion yuan (US$ 3.6 billion) for 2019, it said in a statement issued on April 13. SAIC sold 6.2 million cars in 2019, down 11.5% from a year earlier.
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