SAIC Motor logs YoY growth in both H1 2023 revenue, net profit

Shanghai (Gasgoo)- SAIC Motor today unveiled its financial report for the first half of 2023 (H1 2023), showcasing a slew of impressive achievements.

Through strategic structural optimization and cost-efficiency enhancements, the group achieved consolidated revenues of 326.55 billion yuan, marking a year-on-year increase of 3.34%. Meanwhile, its net profit attributable to shareholders of the listed company reached 7.09 billion yuan, exhibiting a 2.54% rise compared to the previous year.

During the report period, SAIC Motor excelled in the sale of complete vehicles, with 2.072 million units wholesaled and 2.237 million units retailed. The group's monthly auto sales also displayed consistent month-on-month growth. Notably, in the second quarter of this year (Q2), its vehicle sales surged by 32.5% from the previous quarter.

MG4 EV; photo credit: SAIC Motor

During H1 2023, SAIC Motor's overseas sales reached 533,000 units, witnessing a substantial 40% year-on-year increase. Notably, the MG brand sold 115,000 vehicles in Europe in this period, reflecting an impressive 143% year-over-year surge. Over 50% of these were new energy vehicles (NEVs), with monthly sales consecutively exceeding 20,000 units for the past four months. Besides, SAIC Maxus achieved a 47% year-on-year spike in its H1 overseas retail volume, with sales exceeding 10,000 units in Australia, Europe, and Mexico each. Riding on this momentum, SAIC Motor's overseas operations are primed for "scalable profitability" for the entire year.

In the realm of NEVs, the sales momentum remained on an upward trajectory. During H1, SAIC Motor sold 372,000 NEVs, maintaining a consistent month-on-month increase since January. In July alone, the group sold 91,000 NEVs, marking a new high for the year and setting the stage for a "100,000-unit monthly sales" push in the third quarter. SAIC Motor Passenger Vehicle Company's NEV sales are inching closer to the 30,000-unit mark, while SAIC-Volkswagen’s and SAIC-GM’s NEV sales both exceed 10,000 units for the first time. SAIC-GM-Wuling's Binguo model recorded monthly sales of over 20,000 units on average since it hit the market in late March this year.