SAIC Motor posts 2.94% YoY dip in 2022 auto sales, but NEV annual sales surge

Shanghai (Gasgoo)- SAIC Motor sold 536,370 vehicles in Dec. 2022, representing an 18.85% decrease year-on-year, but reflecting an 8.85% rise month-on-month, according to the sales results the group issued today.

Notably, the Dec. sales were the highest monthly volume the Shanghai-based auto giant achieved last year.

Among subsidiaries, SAIC-GM-Wuling Indonesia Co., Ltd. was the only one to obtain a year-over-year growth in Dec. sales, contributing to the blooming increase in the group's monthly export volume.

SAIC-GM-Wuling ("SGMW") sold the most vehicles last month, but it still faced a year-on-year dip of 10.25%. SAIC-GM was confronted with the sharpest drop with its Dec. sales failing to reach 100,000 units.

IM Motors, the premium electric vehicle (EV) brand co-owned by SAIC Motor, Alibaba Group, and Zhangjiang High-tech, recorded a sales volume of 455 units in Dec., versus the 608 vehicles sold in Nov.

SAIC Motor saw its full-year auto sales edge down 2.94% from a year ago to 5,302,644 units in 2022.

With more than 1.3 million vehicles sold through 2022, SAIC Volkswagen scored a 6.35% year-over-year growth. SAIC Motor Passenger Vehicle Company ("SAIC Motor PV") witnessed its annual sales climb 4.8% from the previous year, despite the two-digit decline in its Dec. sales.

IM L7; photo credit: IM Motors

IM Motor has sold a total of 4,765 vehicles cumulatively as of Dec. 2022.

SAIC Motor also reported a yearly new energy vehicle (NEV) sales volume of 1073,430 units (+46.51% YoY), 143,215 units of which were sold in Dec. 2022.

The group said its export volume and sales of overseas markets total 134,135 units (+42.9% YoY) last month, resulting in a full-year volume of 1,017,459 units (+45.92% YoY).