SAIC Motor Records 37.16% Year-on-Year Plunge in July Wholesale Volume
SAIC Motor, a leading Chinese automotive manufacturer, recently announced its monthly sales results for July, revealing a significant year-on-year decline in wholesale volume. The company reported that it sold a total of 251,484 vehicles in July, marking a 37.16% drop compared to the same period last year.
For the first seven months of 2024, SAIC Motor’s year-to-date wholesales fell by 15.92% to 2,078,438 vehicles. Despite the overall decline in sales, the company reported a 14.91% year-on-year increase in new energy vehicle (NEV) sales, reaching a total of 463,089 units for the Jan.-Jul. period.
However, July saw a 21.85% year-on-year downturn in NEV wholesales, with only 90,987 units sold during the month. SAIC Motor also reported a 15.77% year-on-year decrease in export volume, totaling 97,070 units in July and 630,494 units for the Jan.-Jul. period.
Breaking down the July wholesales by subsidiaries, SAIC Volkswagen led the pack with 81,003 vehicles sold, followed by SAIC-GM-Wuling with 76,000 units. SAIC MOTOR Passenger Vehicle Company and SAIC-GM recorded 50,279 and 15,000 vehicles sold, respectively, in July.
Despite the overall sales decline, IM Motors, SAIC Motor’s electric vehicle subsidiary, reported a 142.74% year-on-year increase in July sales, selling 4,180 vehicles. The company also saw a 131.34% spike in cumulative sales for the first seven months of the year, totaling 26,632 units.
Overall, SAIC Motor continues to navigate challenges in the automotive market, with a focus on adapting to changing consumer preferences and increasing competition in the industry.
