(MENAFN) SAIC Motor, China's largest automaker, said its net profit increase 12.8 percent in 2014 on surging passenger car sales, but gains were hit by slower growth in the economy, Arab News reported.
The Shanghai-based company said its net profit amounted to USD4.56 billion last year, increasing from USD4.05 billion recorded in 2013, the Shanghai stock exchange said in a statement.
It sold 5.62 million vehicles last year, up 10.1 percent from 2013, while passenger car sales surged 16.2 percent to 4.60 million units, but commercial vehicle sales plunged 11.0 percent to 1.02 million.
"In 2014, the domestic auto market slowed under the influence of the macroeconomic down trend," said SAIC, which has joint ventures with US GM and German Volkswagen.
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