Chinese automaker SAIC Motor Corporation Limited on Thursday reported a 12.8-percent net profit growth in 2014, but it was sharply lower than the growth pace in 2013, evidence of waning market demand facing Chinese automakers.
The Shanghai-listed company raked in a combined net profit of 27.97billion yuan (4.56 billion U.S. dollars), according to its annual report.
The net profit growth speed was outshined by a 19.5-percent increase registered in 2013. The company attributed the trimming to weaker sales as the Chinese economy slows.
The economy posted a 7.4-percent growth in 2014, its weakest since 1990. The annual growth target set by the government was lowered to around 7 percent for 2015.
SAIC Motor saw its business revenue increase 11.4 percent to 630 billion yuan in 2014 from the prior year. The growth speed was also slower than the 17.6-percent increase rate registered in 2013.
The company sold 5.62 million vehicles in 2014, representing a spike of 10.1 percent from the previous year, slower than the 13.7-percent increase rate in 2013.
The share price of the company lost 1.05 percent on Thursday to 25.56 yuan.
