SAIC Motor’s Q1 sales tumble 55.71% from the previous year

Shanghai (Gasgoo)- SAIC Motor saw its first-quarter (Q1) sales slump 55.71% from a year ago to 679,028 units with most of its subsidiaries hit by the coronavirus-caused downturn as well.

The Q1 sales volume of three major joint ventures—SAIC Volkswagen, SAIC-GM-Wuling and SAIC-GM—were all more than halved over the year-ago period.

With regard to overseas businesses, MG Motor India sold 6,928 vehicles during the first three months, and SAIC GM Wuling Indonesia Co.,Ltd. posted a 23.83% year-on-year decrease with 2,174 vehicles sold in total.

In March, the Chinese biggest automaker encountered a 58.56% plunge over the previous year, while achieved a tremendous rebound compared to 47,365 units sold in February.

SAIC-GM-Wuling (SGMW) still outsold the other subsidiaries in spite of the 55.88% year-over-year decline. The joint venture said its retail sales in March topped 130,000 units, taking the championship from Chinese indigenous auto brands by deliveries.

(Photo source: SAIC-GM-Wuling)

SGWM announced a few days ago it has set aside RMB1 billion to subsidize consumers’ new-car purchase in response to China’s encouragement to boost automobile shopping. Under the new project, dealers of Baojun brand will offer buyers across China subsidy of up to RMB10,000 per car.

SAIC Volkswagen and SAIC-GM clocked year-on-year decrease of 64.04% and 69.11% respectively, versus the 90.99% and 92.17% nosedive in their February volumes.

SAIC Motor PV, the group's self-owned PV company, had a Mar. sales volume of 31,405 units, which were 37.2% less than that of a year earlier.

SAIC-GM's Cadillac CT4 and the new GL8 Avenir hit the market in April, giving impetus to the future sales growth.