SAIC Motor net profits rise 12.31% YoY for first three quarters

Shanghai (Gasgoo)- From January to September, SAIC Motor's revenues totaled RMB674.741 billion, climbing 10.97% over the previous year and the net profits attributable to shareholders grew 12.31% year on year (YoY) to RMB27.672 billion, the automaker announced on October 30. The basic earnings per share were RMB2.37, 11.64 percentage point higher than that of a year ago.

The financial report showed that SAIC Motors' expenses on R&D aggregated RMB9.402 billion for the first nine months, which was RMB2.308 billion more than that of the previous year.

The automaker said the R&D expense increase partly resulted from the incremental investment in technology R&D over self-developed models, new energy vehicles (NEV) and intelligent connectivity. Besides, Huayu Vision Technology (Shanghai) Co., Ltd. was included in the scope of consolidated financial statements of Huayu Automotive Electric Drive System Co.,Ltd, a subsidiary of SAIC Motor, so that the group's R&D expenses were accordingly increased.

SAIC Motor achieved positive growth in both revenues and net profits for the first three quarters amid the overall tepid automobile climate. For the first nine months, the automaker delivered 5,146,556 vehicles in total, achieving a year-on-year increase of 6.7%. Most subsidiaries including SAIC Volkswagen, SAIC-GM, SAIC Motor PV, SAIC-GM-Wuling as well as SAIC Maxus all saw their year-to-date sales increased over the performance of a year ago.

Especially, SAIC Motor PV attained a YoY growth up to 40.9% with a total of 509,129 vehicles delivered during the first nine months. The automaker accelerated the product launching this year with the Roewe RX8, the Roewe MARVEL X, the Roewe i5, the MG 6 and the MG HS rolled out successively.