By Martin Mou
SAIC Motor Corp.'s second-quarter net profit rose sharply from a year earlier as auto sales in China recovered from the Covid-19 pandemic.
Net profit increased 32% to 7.27 billion yuan ($1.06 billion), while revenue inched up 1.0% to CNY177.79 billion, the Chinese car maker said.
For the first half, SAIC's net profit slumped 39% to CNY8.39 billion, while revenue slid 25% to CNY274.52 billion.
The pandemic, which began in January, decimated Chinese car makers' sales in the first quarter, when the health crisis was at its peak in China.
SAIC said first-half car sales declined 30% to 2.05 million units.
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