China auto market likely to slow after record 2009

• Source: Gasgoo.com
• [13:27 October 14 2009]
• Comments

SAIC did just that, saying on Tuesday its net profit for first nine months of the year jumped more than 70 percent.

Chongqing Changan Automobile Co, a Ford Motor partner in China, also said its third-quarter net profit was estimated between 267.2 million yuan ($39 million) and 327.2 million yuan, reversing a net loss of 106.64 million yuan a year earlier.

SAIC shares have nearly quadrupled this year, while Changan's Shanghai-listed shares have more than tripled and Dongfeng's shares are up 58 percent.

Geely's Hong Kong-listed shares have tripled year to date, including a 7 percent jump on Tuesday to a nine year high after it reported its September car sales doubled.

While the companies have become investor favourites, some worry about how long and far their shares can race ahead on concerns the broader stock market could be steering for a correction.