SAIC Motor become No.1 profitable automaker in China with net profit of RMB 34.41 billion

Shanghai (Gasgoo)- SAIC Motor Corporation Limited (SAIC Motor) reported operation revenue up to RMB 870.639 billion, jumping 15.10% year on year, according to the financial report released on March 29. Meanwhile, the net profit attributable to shareholders increased 7.51% from the previous year to a record high of RMB 34.41 billion, ranking first in China's auto industry. Besides, the automaker proposes to assign dividend of RMB 18.30 (including tax) per 10 shares with an annual dividend ratio up to 62.13%, exceeding 50% for 5 consecutive years.

China achieved annual sales of 29.11 million vehicles last year with a year-on-year growth of 3.3%, which was 9% lower than that of the same period in 2016. Although the overall industry faced a tepid growth situation, SAIC Motor delivered a total of 6.93 million vehicles, rising 6.8% over the previous year and accounting for 23.2% of total auto sales in this country. In addition, the company exported and delivered in overseas markets 170 thousand units in total, surging 31.8% year on year and continuously ranking first nationwide.

As to the new energy vehicle area, SAIC Motor has formed partnerships with CATL (Contemporary Amperex Technology Limited) and Infineon Technologies to develop cooperation in some core parts’ areas, such as battery, cell, battery system, IGBT (insulated gate bipolar transistor) module, etc. Additionally, the FCV80 fuel cell developed by SAIC Maxus has been achieved commercial operation in Shanghai, Fushun and Foshan, etc. 

Last year, Banma, the Internet vehicle solution supplier jointly invested by SAIC Motor and Alibaba, officially launched its new in-vehicle connected system named Banma Zhixing 2.0 and initiated the world's largest OTA (over-the-air) update. In addition, the automaker signed a JV agreement with TTTech, a world-famous intelligent driving control strategy supplier, to co-promote the industrialization of intelligent driving controllers. Earlier this month, SAIC Motor got the China's first batch of licenses for road tests of autonomous vehicles.