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SAIC promotes Chen Zhixin to president
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SAIC Motor, the biggest state-owned carmaker in China, has appointed Chen Zhixin as its next president, according to an announcement of new cadre appointments made by the city yesterday.
Chen Zhixin, 55, is currently the executive vice president of the Shanghai-based automaker and will replace Chen Hong, 53, who currently also serves as the company's Party chief and vice chairman. Chen Hong is expected to soon replace the retiring Hu Maoyuan, 63, as company chairman.
The new management team will face the challenge of keeping up the company's momentum after annual sales surpassed the 5 million unit benchmark for the first time last year, setting a sales record for the country's five biggest domestic automakers.
In 2013, the company posted revenue of about 560 billion yuan and generated 24.8 billion yuan in profits, which represent a 17.6 percent and 19.5 percent increase respectively. Its joint ventures with General Motors and Volkswagen generated most of the revenue and profit.
SAIC has set a sales target of 5.6 million units this year, including 260,000 cars of its self-owned Roewe and MG brands.
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