General Motors’ joint venture with Chinese state-owned player SAIC Motor has suffered its first interim net loss, underscoring the fast-eroding position of once-dominant foreign players.
The latest interim results by SAIC Motor, dated Friday, revealed that its 50-50 joint venture with GM — SAIC General Motors — logged a net loss of 2.27 billion yuan ($320.36 million) for the half, a reversal from a net profit of 528.15 million yuan a year earlier.
The iconic U.S.-Chinese collaboration had not turned in such a dismal half-year performance since SAIC started disclosing the earnings of its core ventures, including another with Volkswagen.
