SAIC Motor sees 4.65% year-on-year growth in 2018 net profit

Shanghai (Gasgoo)- SAIC Motor announced its 2018 annual performance on April 1, saying its full-year revenue grew 3.62% year on year to RMB902.19 billion and the net profit attributable to shareholders of the company climbed 4.65% to over 36 billion.

Besides, the automaker posted basic earnings of RMB3.082 per share, compared to RMB2.959 for 2017.

SAIC Motor witnessed a robust growth of its self-owned car brands despite the overall downturn of the auto market last year. In 2018, it Roewe and MG brands achieved total annual sales of around 730,000 units, up 36.5% over a year ago, and its Maxus hit 126,000 units, a year-on-year increase of 14.5%.

Besides, new energy vehicles (NEVs) and oversea business shored up the development of the automaker’s self-owned brands. SAIC Motor saw its NEV sales skyrocket 120% from the previous year to around 142,000 units in 2018. Of that, Roewe and MG NEVs sales aggregated up to 97,000 units, surging 119% year on year.

Regarding overseas business, SAIC Motor sold around 277,000 vehicles outside China last year, and was honored the No.1 automaker in China by annual export volume for three consecutive years. Meanwhile, it kept reinforcing its global deployment in production, operation and marketing. According to the annual report, SAIC Motor has built 3 overseas complete vehicle manufacturing bases in Thailand, Indonesia and India and set up a total of 11 marketing service centers in such regions as Europe, North America, South America, Africa, the Middle East. The annual sales in Thailand, Britain, Indonesia, Chile, Australia, New Zealand and the Middle East have already hit around 10,000 units each.