SAIC Motor sees Aug. auto sales rise MoM, but fall YoY

Shanghai (Gasgoo)- SAIC Motor recorded a monthly wholesale volume of 423,319 units in August 2023, representing a month-on-month growth of 5.78%, but still facing a year-on-year decrease of 17.33%, according to the announcement the group issued today.

Among subsidiaries, the top 5 companies by August sales all posted a two-digit year-on-year drop. Of them, SAIC-GM-Wuling ("SGMW") and SAIC Volkswagen were the only two to sell over 100,000 vehicles last month.

For the first eight months of this year, SAIC Motor saw its cumulative wholesale volume shrink 11% from a year ago to 2,895,164 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 4.08% year-over-year growth with 558,172 vehicles sold through the Jan.-Aug. period.

Notably, IM Motors, the premium electric vehicle brand co-developed with Alibaba Group and Zhangjiang High-tech, recorded a sales volume of 1,803 units in August, which surged 79.05% from a year earlier. Its Jan.-Aug. sales skyrocketed 546.99% year on year to 13,315 units.

Rising Auto F7; photo credit: Rising Auto

In August 2023, SAIC Motor's new energy vehicle (NEV) sales amounted to 92,286 units, sliding 11.98% over the previous year, but rising 1.43% over the previous month. During the first eight months of the year, the group sold a total of 555,375 NEVs, reflecting a 7.92% year-on-year decline.

In addition, SAIC Motor reported a volume of 102,646 vehicles exported outside of China and sold in the group's overseas markets, indicating a slight dip of 1.79% year-over-year. For the Jan.-Aug. period, its export volume and overseas market sales aggregated 733,140 units, leaping 26.44% from the prior-year period.