BEIJING - SAIC Motor Corp, China's largest automaker, said on Thursday that its third-quarter profits jumped 46.88 percent to 3.71 billion yuan ($550 million), partly aided by government policies to boost the country's domestic auto industry.
Revenues reported by the Shanghai-based automaker more than doubled to 81.86 billion yuan. Also, earnings per share stood at 0.436 yuan, up 12.95 percent year-on-year.
For instance, China launched its old-for-new car program last June as part of its efforts to stimulate domestic consumption amid the global downturn and to eliminate oil-guzzling vehicles.
Further, in early June the government rolled out new incentives for purchases of fuel-efficient cars, including a subsidy of 60,000 yuan for purchasing all-electric vehicles and a 3,000-yuan subsidy for certain fuel-efficient cars equipped with 1.6-liter, or smaller, engines.
SAIC Motor sold 2.67 million vehicles during the first nine months of 2010, up 36.91 percent year-on-year.
Shares of the automaker fell 3.73 percent to 20.13 yuan on Thursday.