China's SAIC Motor 2012 profit growth slowest in 4 years

Newswire

SHANGHAI, March 28 (Reuters) - SAIC Motor Corp Ltd , China's biggest automaker by sales, reported on Thursday a 2.6 percent rise in profit last year, its slowest growth since 2008, weighed down by a slowing economy and increasing competition from local rivals. SAIC, a long-time partner of General Motors Co and Volkswagen AG, made 20.8 billion yuan in profit for 2012, up from 20.2 billion yuan a year earlier. That compared with the average forecast of 21.4 billion yuan in a ...

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