SAIC Motor profit sags as China car market slows

Newswire

By Andrew Torchia SHANGHAI, Aug 30 (Reuters) - A sharp drop in first-half profit at China's biggest car maker underlined how slowing economic growth and higher fuel prices are putting the brakes on the Chinese auto sector. SAIC Motor Corp , which runs major manufacturing tie-ups with General Motors Corp and Volkswagen AG , said on Saturday that net profit fell 28 percent from a year earlier to 1.97 billion yuan ($288 million) in the first six months of 2008. In the second quarter, ...

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