MG Motor UK slashes loss in 2010

Director Hao Wang said in the annual report for 2010: “The company generated a turnover of £11,385,000 (2009 £6,887,000) in 2010. The increase in turnover was mainly due to the increased level of sales of automotive parts to group companies in China.

“The loss after tax amounted to £392,000 (2009 £12,737,000). The significant reduction was due to the increased sale of parts and service.”

patpending wrote:

Director Hao Wang said in the annual report for 2010: “The company generated a turnover of £11,385,000 (2009 £6,887,000) in 2010. The increase in turnover was mainly due to the increased level of sales of automotive parts to group companies in China.

“The loss after tax amounted to £392,000 (2009 £12,737,000). The significant reduction was due to the increased sale of parts and service.”

http://www.birminghammail.net/news/top-stories/2011/06/16/mg-motor-uk-cuts-losses-dramatically-97319-28885900/

Transfer charging, I take it - are the engineers and designers employees of MG Motor UK? if not, what do MG Motor have that they can sell? Parts? what parts?

I take it that Hao Wang we know as William..

Windy wrote:The engineers and designers will mainly be SMTC employees. MG UK is about production.

I guess SAIC are buying UK sourced parts through MG Motor UK, maybe even EU sourced parts.