SAIC Motor’s Jan.-Jul. new energy vehicle sales rise 14.91% YoY, despite drop in July sales

Shanghai (Gasgoo)- SAIC Motor recorded a wholesale volume of 251,484 vehicles for the month of July, representing a year-on-year plunge of 37.16%, according to the group's latest monthly sales results.

For the first seven months of 2024, SAIC Motor saw its year-to-date wholesales fall 15.92% over a year ago to 2,078,438 vehicles.

The group also reported that its new energy vehicle (NEV) sales jump 14.91% from a year earlier to 463,089 units for the Jan.-Jul. period of this year. However, as for monthly performance, its NEV business still faced a 21.85% year-on-year downturn in July wholesales, which amounted to 90,987 units.

In addition, SAIC Motor said its export volume and sales created by its overseas markets totaled 97,070 units (-15.77% YoY) last month, resulting in a Jan.-Jul. volume of 630,494 units (-9.65% YoY).

Breaking down the group's July wholesales by specific subsidiaries, SAIC Volkswagen still outsold others with 81,003 vehicles sold last month, indicating an 18.18% decline from the previous year. SAIC-GM-Wuling logged a year-on-year drop of 31.71% in its July sales, which stood at 76,000 units. Meanwhile, SAIC MOTOR Passenger Vehicle Company, which mainly operates Roewe and MG brands, sold 50,279 vehicles last month, which shrank 29.95% over the year-ago period. SAIC-GM only recorded a wholesale volume of 15,000 vehicles, which plummeted 82.42% compared to the same span of the previous year.

IM L6; photo credit: IM Motors

Despite the decline in the group's overall sales, IM Motors still gained a year-on-year surge of 142.74% from a year ago with 4,180 vehicles sold in July. For the first seven months of this year, the subsidiary dedicated to electric vehicles boasted a 131.34% spike year-over-year in its cumulative sales, which amounted to 26,632 units.