SAIC Motor reports dropping auto sales in Q1

BEIJING - Shanghai-based Chinese automaker SAIC Motor Corporation Limited reported plunging sales in the first quarter of this year.

Auto sales plunged 55.71 percent year on year to 679,028 units during the January-March period, the company said in a statement filed to the Shanghai Stock Exchange.

Its three joint ventures -- SAIC Volkswagen, SAIC-GM and Shanghai General Motors Wuling -- all witnessed falling sales, down 60.89 percent, 58.03 percent and 61.53 percent, respectively.

Car production of the company also lost steam, with a total of 657,422 units produced in the first three months, shrinking 56.87 percent from a year ago.

During the first quarter, auto production and sales in China stood at 3.47 million units and 3.67 million units, down 45.2 percent and 42.4 percent year on year, respectively, according to data from the China Association of Automobile Manufacturers.