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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

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Volkswagen China sees chip supply shortage easing

07/16/2021 | 05:15am EDT
FILE PHOTO: A Volkswagen logo is seen in Shanghai

BEIJING (Reuters) - German automaker Volkswagen AG, the top foreign automaker in China, the world's biggest car market, said on Friday that it expected chip supplies to improve in the next six months.

Automakers around the world have had to adjust assembly lines due to the shortages, caused by manufacturing delays that some semiconductor makers blame on a faster-than expected recovery from the coronavirus pandemic.

"We hope the chip supply crisis will bottom out this summer and expect to see an improvement in this situation within the second half of the year," Volkswagen's China chief, Stephan Woellenstein, told reporters.

Starting in August, Volkswagen will source some chips from a new supplier, Woellenstein said, adding that the move would start to ease the shortage in September.

Because of the chip shortage, Volkswagen, which has partnerships with FAW Group and SAIC Motor, saw its sales drop 12.3% between April and June compared with a year earlier. Volkswagen's rival General Motors Co said its China sales in the second quarter grew 5%.

Premium brands including Audi and Porsche are growing, Woellenstein said. Audi sales in the first half this year in China grew 39% compared with the same period last year while Porsche increased 23%.

Woellenstein also said sales of VW's electric ID.4 cars hit 2,900 units in June, up from around 1,500 cars in May. Reuters reported last month that the ID series - the backbone of its electric vehicle ambitions - is off to what even company sources call a worryingly slow start in China.

(Reporting by Yilei Sun and Tony Munroe. Editing by Gerry Doyle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PORSCHE AUTOMOBIL HOLDING SE 0.52% 84.36 Delayed Quote.49.57%
SAIC MOTOR CORPORATION LIMITED 0.35% 20.02 End-of-day quote.-18.09%
VOLKSWAGEN AG 1.17% 189.3 Delayed Quote.24.20%
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Financials
Sales 2021 793 B 123 B 123 B
Net income 2021 25 917 M 4 012 M 4 012 M
Net cash 2021 76 645 M 11 865 M 11 865 M
P/E ratio 2021 9,02x
Yield 2021 4,23%
Capitalization 232 B 35 878 M 35 874 M
EV / Sales 2021 0,20x
EV / Sales 2022 0,15x
Nbr of Employees 204 815
Free-Float 22,6%
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Number of Analysts 26
Last Close Price 20,02 CNY
Average target price 24,13 CNY
Spread / Average Target 20,6%
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Managers and Directors
Xiaoqiu Wang President & Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Xiao Su Chen Chairman-Supervisory Board
Shi Jie Zu Chief Engineer & Deputy General Manager
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