SAIC Motor sees profitability improved in Q3 2022

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.

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.