SAIC Group shows impressive 3Q numbers with extended growth

SAIC Group, one of China's leading automotive companies, has unveiled impressive performance in sales, revenue, and profits for the third quarter.

They've all showed a steady increase, quarter after quarter throughout the year.

In terms of sales, SAIC Group has extended their quarterly growth, selling a total of 3.377 million vehicles in the first three quarters of 2023, solidifying the company's position at the forefront of the automotive industry.

Meanwhile, SAIC also demonstrated its commitment to refining its sales structure, resulting in a total operating revenue of 523.34 billion yuan (US$71.50 billion), nearly on par with the same period last year.

Net profit attributable to shareholders reached an impressive 11.41 billion yuan, underlining the company's financial strength and stability. These positive financial indicators reflected SAIC's efforts to optimize its business operations and capitalize on growth opportunities in the market.

SAIC Group's success extended beyond traditional vehicles, as the company continued to expand its presence in the new energy vehicle market. Its NEV deliveries rose to 683,000 units in the period from January to September, marking an 18.2 percent increase compared with the previous year.

This accomplishment has positioned the group as the second-largest Chinese automotive company in terms of NEV sales. In fact, SAIC's monthly sales of NEVs exceeded the 100,000 mark in September, cementing the automaker's foothold in the market.

Among its joint ventures, for example, SAIC Volkswagen's ID family of new-energy vehicles has experienced a surge in demand. In October alone, SAIC Volkswagen achieved sales of 16,000 NEVs, surging sharply by 136 percent. The ID family's success has been driven by the strong sales of the ID3, surpassing 10,000 units for four consecutive months since the second half of 2023 and reaching a staggering 15,060 units in October. The sales momentum of the ID3 has also extended to the ID4 X and ID6 X, two pure electric SUV models, which have achieved steady growth.

Furthermore, SAIC Group's endeavors in the overseas market have proven fruitful, boasting wholesale sales of 838,000 units, a 21.8 percent year-on-year increase. In particular, the MG4 EV has achieved remarkable success in developed European countries, selling a total of 54,000 vehicles, becoming the top seller among pure electric compact cars in Europe.

Looking ahead, the group is confident in its ability to maintain its upward trajectory. It is capitalizing on the recovering domestic auto market, which is expected to achieve double-digit growth in both month-on-month and year-on-year performance in the fourth quarter. SAIC is well-prepared for this growth with boosts by various products, including the concentrated deliveries of the IM Motor's LS6, the upcoming releases of Roewe D7 and Wuling Starlight models, and the accelerated deliveries of the ID family.