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SAIC Motor sees profitability improved in Q3 2022

Monika From Gasgoo| October 30 , 2022 12:59 BJT

Shanghai (Gasgoo)- SAIC Motor saw its gross revenue reach 211.416 billion yuan ($29.151 billion, +13.29% YoY) in the third quarter of 2022 (Q3 2022), resulting in a net profit attributable to shareholders of 5.74 billion yuan ($791.388 million, -18.43% YoY) in the same period, the Shanghai-based auto giant announced today via its WeChat account.

For the first three quarters of 2022 (Q1-Q3 2022), the auto group earned 12.649 billion yuan ($1.744 billion) in the total net profit belonging to shareholders, representing a year-on-year drop of 37.84% YoY.

The financial results indicated that SAIC Motor's profitability was somewhat improved in Q3 despite the epidemic impact in the second quarter, said the automaker.

SAIC Motor sees profitability improved in Q3 2022

3rd-generation Roewe RX5; photo credit: SAIC Motor

SAIC Motor reported a complete vehicle sales volume of 1.536 million units for this year's third quarter, which jumped 16.2% year on year and 51.5% quarter on quarter.

To be specific, the self-owned brands of SAIC Motor sold over 794,000 vehicles in total in Q3 2022, representing a 17.5% year-on-year rise.

In the Jul.-Sept. period, the group's new energy vehicle (NEV) sales amounted to roughly 306,000 units, soaring 66.7% from the previous year. Notably, delivery of such mid-/high-end smart electric vehicle (EV) models has kicked off this year to help SAIC Motor move upscale.

SAIC Motor recorded a Q3 sales volume of roughly 307,000 vehicles in its overseas markets, reflecting a 67.2% hike year-over-year.

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