SAIC Motor faces single-digit YoY dip in 2022 annual revenue

Shanghai (Gasgoo)- SAIC Motor said its full-year gross revenue reached 744.063 billion yuan in 2022, dropping 4.59% over the previous year.

In the same year, the Shanghai-based auto giant recorded a 34.3% year-on-year decrease in its annual net profit attributable to shareholders, which amounted to roughly 16.118 billion yuan. Excluding the impact of certain non-recurring gains and losses, SAIC Motor’s yearly net profit plunged 51.59% from a year earlier to around 8.992 billion yuan.

Photo credit: SAIC Motor

The auto group said its wholesale volume of complete vehicles reached about 5.303 million units last year, with both annual new energy vehicle sales and overseas market sales exceeding 1 million units.

It is noteworthy that the group’s wholly-owned brands accounted for 52.5% of SAIC Motor’s overall vehicle sales in 2022. Besides, 1.073 million vehicles SAIC Motor sold last year were new energy vehicles, representing a 46.5% year-on-year surge.

For the first quarter of 2023, SAIC Motor witnessed its quarterly gross revenue dwindle 20.03% over a year earlier to 145.916 billion yuan. Meanwhile, its first-quarter net profit attributable to shareholders tumbled 49.55% year over year to 2.783 billion yuan.

In the first three months of 2023, SAIC Motor sold roughly 891,000 vehicles in total by wholesale with its monthly sales consecutively rising month by month.

The group revealed its vehicles sales in Apr. would grow both year on year and month on month.

SAIC Motor expects its annual new energy vehicle sales to hit the 1.5-million-unit mark in 2023, which should leap around 40% compared to the previous year. Besides, it will strive to export and sell 1.2 million vehicles to overseas markets, in a bid to achieve a year-on-year increase of around 20%.