SAIC expects 2011 earnings growth over 10 pct -exec


CHENGDU, Oct 11 (Reuters) - Top Chinese automaker SAIC Motor Corp expects its full-year profit growth to exceed 10 percent, a senior executive said on Tuesday.

Speaking to reporters on the sidelines of an industry forum in Chengdu, SAIC vice president Chen Zhixin also said the company would likely hit its 2011 sales target of 4 million vehicles.

SAIC reported a 46.1 percent gain in its first-half earnings despite a market slowdown, thanks to brisk sales of Buick and Passat models made at its Shanghai ventures.

Industry observers had predicted the automaker would register double-digit earnings growth for the full year, as pricier models made in partnership with Volkswagen and General Motors stay solid.

China's sizzling auto market has cooled since Beijing stripped away the stimulus measures and steps by local governments to restrict car sales and tackle traffic gridlock have also dampened demand. (Reporting by Fang Yan and Ken Wills)



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