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China's SAIC Motor reports 7.4 pct rise in 2016 profit
April 5, 2017 / 9:13 AM / 8 months ago

China's SAIC Motor reports 7.4 pct rise in 2016 profit

BEIJING, April 5 (Reuters) - SAIC Motor Corp Ltd , China’s largest automaker, reported on Wednesday a 7.4 percent rise in net profit for 2016, as a tax cut on small-engine cars boosted sales.

The Shanghai-based manufacturer, which makes cars in joint ventures with General Motors Co and Volkswagen AG in addition to own-brand vehicles, said its net profit totalled 32.0 billion yuan ($4.6 billion) last year.

This was slightly below SAIC’s preliminary prediction of a 7.5 percent rise in 2016 profit. ($1 = 6.8952 Chinese yuan renminbi) (Reporting by Jake Spring; Editing by Himani Sarkar)

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