SAIC Motor’s new energy vehicle wholesales rise 11.4% YoY in Jan.-Aug. 2024

Shanghai (Gasgoo)- SAIC Motor recorded a wholesale volume of 257,635 vehicles in Aug. 2024, representing a year-on-year decline of 39.14%, but showing a month-on-month growth of 2.45%, according to its latest monthly sales results.

For the first eight months of 2024, the automobile group sold 2,336,073 vehicles via wholesale, indicating a 19.31% decrease over the previous year.

Of the vehicles SAIC Motor sold last month, 86,578 units were contributed by the new energy vehicle (NEV) sector, a year-on-year drop of 6.19%. As of Aug., the group's year-to-date NEV wholesales had reached 618,711 units this year, rising 11.4% from a year earlier.

In addition, SAIC Motor also reported a volume of 79,911 vehicles (-22.15% YoY) for its export business and sales created by its overseas markets in Aug., resulting in a Jan.-Aug. volume of 649,545 units (-11.4% YoY).

Breaking down the Aug. wholesales by specific subsidiaries, both SAIC Volkswagen and SAIC-GM-Wuling (“SGMW”) sold over 80,000 vehicles, but faced a two-digit year-on-year decline in their Aug. sales. SAIC-GM posted the biggest year-on-year plunge with 15,855 vehicles sold in the month. IM Motors, the premium electric vehicle brand co-backed with Alibaba and Zhangjiang High-Tech, logged an Aug. sales volume of 4,597 units, scoring a 154.96% hike from the previous year.

IM L6; photo credit: IM Motors

On the delivery front, SAIC Motor said its terminal vehicle deliveries reached around 2.827 million units in the Jan.-Aug. period, nearly 377,000 units were delivered in Aug. alone, which grew 12.4% from the previous month. Moreover, the group’s NEV deliveries amounted to about 124,000 units last month, shooting up 44.1% over a year ago.