SAIC Motor logs 13.69% YoY dip in H1 2022 gross revenue

Shanghai (Gasgoo)- SAIC Motor announced today its gross revenue reached 315.993 billion yuan ($46.094 billion) in the first half of 2022 ("H1 2022"), sliding 13.69% from the previous year.

During the report period, the Shanghai-based automobile giant recorded a 48.1% year on year decrease in the semi-annual net profit attributable to shareholders, which stood at around 6.91 billion yuan ($1.008 billion). Excluding the impact of certain non-recurring gains and losses, the group's H1 net profit still fell 48.47% over a year ago to roughly 6.108 billion yuan ($890.974 million).

Photo credit: SAIC Motor

The company partly attributed the drop in its Jan.-Jun. revenue and net profit to the impact of the coronavirus resurgence on the automotive supply chain, the chip supply constraints, and the hike on prices of such raw materials as power batteries.

Notably, the group noted a profitable status for the second quarter of this year, indicating its strong operation resilience.

In the Jan.-Jun. period, SAIC Motor's R&D expenses only edged down 1.23% from the year-ago period to 7.669 billion yuan ($1.119 billion).For the first six months of 2022, SAIC Motor sold about 2.234 million vehicles in total, over 50% of which were contributed by its self-owned brands. Meanwhile, the group's H1 new energy vehicle sales jumped 32.9% year over year to 393,000 units, while its export volume and overseas market sales totaled 381,000 units, leaping 47.7% over the previous year.