NAC makes a profit


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    NAC makes a profit

    Post by Windy on Tue Jul 27, 2010 7:14 am

    Note: Within Shanghai Auto, NAC is treated as a seperate buisiness to other operations. NAC being based in and paying tax to Nanjing rather than Shanghai.

    NAC in June enters profitability

    Southern News reporter Zhu Qi, June in the Southern Steam (NAC) production base, the SAIC Roewe 350 sales breakthrough of 6000 monthly rate, after many loss years Nanjing Automotive Cooporation has moved to profitability. This is after more than two years in the integration of SAIC, NAC for the first time to get into profit.

    At the end of 2007, the NAC was formally incorporated into the SAIC. SAIC paid 295 million yuan in cash and from its listed company Shanghai Automotive (600 104) transfered 320 million shares, worth about 10.738 billion yuan (1 billion British pounds) to NAC's controlling shareholder Yuejin Motor Group. The sale included the entire Southern Steam automotive business.

    NAC currently has Yuejin, Iveco, MG and other vehicle brands with an annual production capacity of 400,000 vehicles.

    The reasons why in June NAC turn around, in addition to SAIC Roewe brand benefits, also an important reason was the rapid growth of Nanjing Iveco sales. In the first half of the year, Nanjing Iveco sales break 60,000 growing from last year by more than 50%.

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