SAIC Motor sees auto sales drop YoY in Jan.-Jul. 2023, but overseas market sales still jump

Shanghai (Gasgoo)- SAIC Motor recorded a monthly wholesale volume of 400,204 units in July 2023, for the third month in a row surpassing the 400,000-unit threshold, but still facing a year-on-year decrease of 21.03%, according to the announcement the group issued today.

Among subsidiaries, the top 4 companies by July sales all posted a two-digit year-on-year drop. Of them, SAIC-GM-Wuling (“SGMW”) was the only one to sell over 100,000 vehicles last month.

For the first seven months of this year, SAIC Motor saw its cumulative wholesale volume shrink 9.82% from a year ago to 2,471,845 units. Its three major sales contributors, namely, SGMW, SAIC Volkswagen, and SAIC-GM, all witnessed a year-on-year downturn in their year-to-date sales. Nevertheless, SAIC Motor Passenger Vehicle Company, the group’s wholly-owned passenger vehicle maker, scored a 6.77% year-over-year growth with 482,570 vehicles sold through the Jan.-Jul. period.

IM LS7; photo credit: IM Motors

Notably, IM Motors, the premium electric vehicle brand co-developed with Alibaba Group and Zhangjiang High-tech, had a sales volume of 1,722 units in July, which surged 111.03% from a year earlier. Its Jan.-Jul. sales skyrocketed 995.34% year on year to 11,512 units.In July 2023, SAIC Motor’s new energy vehicle (NEV) sales amounted to 90,987 units, sliding 13.77% over the previous year, but rising 5.96% over the previous month. During the first seven months of the year, the group sold a total of 463,089 NEVs, reflecting a 7.06% year-on-year decline.

In addition, SAIC Motor reported a volume of 97,070 vehicles exported outside of China and sold in the group’s overseas markets, indicating a slight dip of 0.97% year-over-year. For the Jan.-Jul. period, its export volume and overseas market sales aggregated 630,494 units, leaping 31.62% from the prior-year period.