Retail in Asia

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Chinese carmakers boost sales, profits

Three Chinese carmakers posted strong earnings growth on Wednesday, powered by Beijing’s measures to boost car sales.

SAIC Motor Corp., China’s largest carmaker by sales volume, said its first-half net profit more than quadrupled from a year earlier.

FAW Car Co. – a unit of unlisted China FAW Group Corp., China’s number two automaker – said its first-half net profit more than doubled from a year earlier because of strong sales.

Meanwhile, Geely Automobile Holdings Ltd said its first-half net profit rose 35 percent from a year earlier.

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(Source: scmp.com)