BEIJING, April 28 (Reuters) - SAIC Motor Corp Ltd , China’s biggest automaker, reported on Friday a 4.1 percent rise in net profit for the first quarter compared to the same period last year, despite slowing sales and the roll back of a government tax incentive.
The Shanghai-based automaker, which has joint ventures with Volkswagen AG and General Motors Co in addition to making its own brands of vehicles, posted a net profit of 8.26 billion yuan ($145.03 million), according to stock exchange filings.
SAIC’s revenue rose 6 percent to 196.3 billion yuan from a year earlier. Its vehicle sales rose 3 percent for the quarter.
$1 = 6.8950 Chinese yuan renminbi Reporting by Muyu Xu and Jake Spring; Editing by Randy Fabi