SAIC Motor’s vehicle wholesales drop 16.06% YoY in Jan.-Feb. 2024, but NEV sales leap

Shanghai (Gasgoo)- In the first two months of 2024, SAIC Motor recorded a wholesale volume of 452,762 vehicles, which slid 16.06% from the previous year, according to the auto group's latest monthly sales results.

Of the vehicles sold in the Jan.-Feb. period, 125,317 units were contributed by new energy vehicles, representing a 63.06% robust year-on-year surge. Meanwhile, the group reported a volume of 121,432 vehicles for its year-to-date export and sales of overseas markets, down 24.27% over a year earlier.

In February alone, the Shanghai-based auto giant sold 207,846 vehicles, reflecting a 31.03% decline year-over-year. Despite the downturn in the overall vehicle sales, SAIC Motor's new energy vehicle sales in the month still jumped 36.63% compared to the year-ago period to 60,979 units. However, the group's export volume, together with the sales achieved by its overseas bases, still tumbled 31.63% year on year to 57,257 units last month.

Breaking down the Feb. sales by specific subsidiaries, SAIC-GM-Wuling outsold others with a wholesale volume of 75,000 units, which climbed 4.17% from the prior-year period. Nevertheless, mainly affected by the Chinese New Year holiday, SAIC Volkswagen, SAIC MOTOR Passenger Vehicle Company, SAIC-GM, and SAIC Maxus, all encountered a two-digit year-on-year drop in their Feb. sales.

IM LS6; photo credit: IM Motors

It is noteworthy that IM Motors, the premium electric vehicle maker co-backed by SAIC Motor, Alibaba Group, and Zhangjiang High-tech, logged a sales volume of 2,000 units in February, displaying a 59.87% year-on-year spike, but facing a 60% month-on-month plunge.

On Feb. 26, the opening day of the Geneva International Motor Show 2024, IM Motors, the premium electric vehicle brand co-backed by SAIC Motor, Alibaba Group, and Zhangjiang High-Tech, showcased its entire lineup for the first time at the prestigious event.

The lineup includes the all-new IM L7, which hit the market on Feb. 24, the IM LS7, and the IM LS6. Notably, the IM L6, which is set to hit the market later this year, made its world debut at the motor show.