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08-25-2010, 04:33 PM #1
Three Chinese car makers posted strong earnings
AUGUST 25, 2010, 11:57 A.M. ET.
Three Chinese car makers posted strong earnings
Three Chinese car makers posted strong earnings growth Wednesday, powered by Beijing's measures to boost car sales.
The government-stimulus measures, designed to encourage auto purchases during the global economic downturn, helped China overtake the U.S. as the world's biggest auto market in 2009.
But while car-sales growth in China was fast at the start of 2010, it has moderated in recent months partly because of a reduction in government incentives.
SAIC Motor Corp., China's largest car maker by sales volume, said its first-half net profit more than quadrupled from a year earlier.
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