SAIC Motor, a leading Chinese automotive manufacturer, recently reported its financial performance for the first three quarters of 2024. The company’s consolidated operating income for this period was 430.482 billion yuan, showing a decrease of 17.74% compared to the same period last year. Additionally, SAIC Motor’s net profit attributable to shareholders dropped by 39.45% year-on-year, reaching 6.907 billion yuan.
In the third quarter alone, the company recorded revenue of 145.796 billion yuan, marking a 25.91% decrease from the previous year. Despite these challenges, SAIC Motor remains committed to innovation-driven transformation to enhance its resilience in the market. The group achieved wholesale sales of 2.65 million vehicles and retail sales of 3.23 million vehicles in the first three quarters, with a focus on improving delivery quality and supply chain stability.
SAIC Motor has seen a steady growth in monthly deliveries since July, with a notable increase in orders during the National Day holiday. The company reported strong demand for various models, including the IM LS6, Roewe, MG-branded passenger vehicles, SAIC Volkswagen’s Passat and Tharu models, as well as SAIC-GM’s Buick Envision Plus and SAIC-GM-Wuling’s Binguo. The support from national and local trade-in subsidies is expected to further boost production and sales growth.
In the new energy vehicle (NEV) sector, SAIC Motor delivered 886,000 units in the first three quarters, marking a 29.5% increase year-on-year. The company also achieved growth in overseas deliveries, reaching 806,000 vehicles. SAIC Motor’s self-owned brands accounted for 59% of overall sales, contributing 1.905 million vehicles.
The company continues to prioritize investment in research and development, with 19.94 billion yuan allocated in the first three quarters, representing 4.75% of the group’s revenue for this period. Looking ahead, SAIC Motor plans to expand its NEV lineup for Roewe and MG brands with multiple launches across sedan, MPV, and SUV categories by the end of the year to meet the growing demand for sustainable mobility.
This information and more can be found on the company’s official website and financial reports. Stay tuned for updates on SAIC Motor’s future initiatives and developments in the automotive industry.
