SAIC Motor’s revenue rises 5.08% YoY in 2021, but dips in Q1 2022

Shanghai (Gasgoo)- SAIC Motor announced today its full-year gross revenue in 2021 amounted to around 779.846 billion yuan ($117.309 billion), growing 5.08% year on year. Meanwhile, its annual net profit attributable to shareholders jumped 20.08% from a year earlier to 24.533 billion yuan ($3.69 billion).

Photo credit: SAIC Motor

The yearly revenue of SAIC Motor's complete vehicle and auto parts businesses reached 556.967 billion yuan ($83.782 billion) and 159.407 billion yuan ($23.979 billion), growing 4.91% and 2.92% year over year respectively.

The weighted average return on assets of SAIC Motor stood at 9.2% in 2021, rising 1.2 percentage points compared to 2020.

SAIC Motor stated its overall gross margin stood at 11.35% last year, edging up 0.62 percentage points over a year earlier. Its complete vehicle and auto parts business units recorded an annual gross margin of 4.91% and 23.23%, representing a year-on-year growth of 0.39 and 1.85 percentage points respectively.

The Shanghai-based auto giant also reported a 46.83% year-over-year surge in 2021 R&D expenses, which amounted to roughly 19.668 billion yuan ($2.958 billion).

The first-quarter annual results were also released today. In the first three months of 2022, SAIC Motor saw its gross revenue dip 3.5% from the previous year to 182.472 billion yuan ($27.448 billion), while its net profit attributable to shareholders shrank 19.44% to 5.516 billion yuan ($829.689 million).