HONG KONG — General Motors' joint venture with Chinese state player SAIC Motor posted its first interim net loss, underscoring the rapidly eroding position of the once-dominant foreign players.
SAIC Motor's latest interim results on Friday showed that its 50-50 joint venture with GM — SAIC General Motors — posted a net loss of 2.27 billion yuan ($320.36 million) for the half-year, reversing a net profit. a year ago it was 528.15 million yuan. The U.S.-China partnership has not had such a poor half-year performance since SAIC began reporting earnings for its core businesses, including its other venture with Volkswagen.