SAIC Motor, one of China’s leading automobile groups, reported its monthly sales results for August 2024. Despite a year-on-year decline of 39.14%, the company saw a month-on-month growth of 2.45%, with a wholesale volume of 257,635 vehicles.
In the first eight months of 2024, SAIC Motor sold a total of 2,336,073 vehicles, marking a 19.31% decrease compared to the previous year. Of the vehicles sold in August, 86,578 units came from the new energy vehicle (NEV) sector, representing a 6.19% drop year-on-year. However, year-to-date NEV wholesales reached 618,711 units, showing an 11.4% increase from the previous year.
Additionally, the company reported a volume of 79,911 vehicles for its export business in August, down 22.15% year-on-year, with a total of 649,545 units sold in overseas markets from January to August, reflecting an 11.4% decrease compared to the same period last year.
Breaking down the August wholesales by specific subsidiaries, SAIC Volkswagen and SAIC-GM-Wuling (SGMW) both sold over 80,000 vehicles but experienced a significant year-on-year decline in sales. SAIC-GM saw the biggest plunge, selling 15,855 vehicles in the month. IM Motors, the premium electric vehicle brand co-founded with Alibaba and Zhangjiang High-Tech, reported a sales volume of 4,597 units in August, marking a substantial 154.96% increase from the previous year.
On the delivery front, SAIC Motor reported that terminal vehicle deliveries reached approximately 2.827 million units in the January-August period, with around 377,000 units delivered in August alone, representing a 12.4% growth from the previous month. Furthermore, NEV deliveries totaled about 124,000 units in August, a significant 44.1% increase compared to the same period last year.
The monthly sales results highlight the ongoing performance of SAIC Motor in the competitive automotive market. As the company continues to navigate challenges and capitalize on opportunities in the industry, its focus on new energy vehicles and strategic partnerships positions it for future growth and success.
