SAIC Motor posts 18.95% YoY growth in H1 net profit

Shanghai (Gasgoo)- SAIC Motor reported a year-on-year jump of 18.95% in net profit with earning RMB 18.982 billion for the first six months.

According to the semi-annual report, the auto group saw its sales climb 11% from the previous year to 3.523 million units in the first half of the year. The Jan-June sales of the PV and CV segments amounted to 3.081million units and 442 thousand units respectively. Besides, a total of around 130 thousand vehicles were exported and sold in overseas market from January to June, a vigorous year-on-year leap of 104%.

The report also said that SAIC Motor's self-owned PV brand presented a blooming year-on-year growth of 53.7% with 359 thousand vehicles delivered in the first half of the year, following Geely Auto, Changan Automobile and Great Wall Motor.

Among the joint ventures, both SAIC-GM-Wuling and SAIC Volkswagen achieved sales performance exceeding 1 million units from January to June. SAIC-GM-Wuling was the champion by cumulative vehicle sales in China and SAIC Volkswagen ranked first by PV sales.

As to NEV segment, the sales of new energy PV and CV totaled 57,000 units, skyrocketing 275% over the year-ago period.

SAIC Motor has been actively deploying in the vehicle intelligent connectivity domain. Reportedly, the Roewe MARVEL X, outfitted with automatic parking system and Banma 3.0 version of intelligent-connected system, will hit the market in the second half of the year. Besides, the Shanghai-based automaker received governmental license plate for autonomous vehicle road tests and has by far accumulated self-driving road testing mileage of over 3,000km.