Automaker profits surge in first quarter

BEIJING - Most domestic carmakers reported surging profits in the first quarter this year as sales boomed, but experts say the windfall is not likely to continue.

According to statistics from the China Association of Automobile Manufacturers (CAAM), 17 major automakers had combined pre-tax profits of 82.4 billion yuan between January and March, a jump of 155 percent over the same period last year.

SAIC Motor Co ranked No 1 among listed car companies with net profit of 2.9 billion yuan.