SAIC Motor reports YoY revenue, net profit decline in Q3 2024, eyes recovery in Q4

Shanghai (Gasgoo)- In the first three quarters of 2024, SAIC Motor recorded a consolidated operating income of 430.482 billion yuan, reflecting a year-on-year decrease of 17.74%. During this period, its net profit attributable to shareholders stood at 6.907 billion yuan, marking a 39.45% drop from the same period last year.

In the third quarter (Q3) alone, SAIC Motor logged revenue of 145.796 billion yuan, down by 25.91% compared to the previous year, while net profit attributable to shareholders reached 279.69 million yuan.

SAIC Motor cited a combination of internal pressures and external risks impacting results, though the company remains committed to innovation-driven transformation to bolster resilience. In the first three quarters this year, the group achieved wholesale sales of 2.65 million vehicles and retail sales of 3.23 million vehicles, with improved delivery quality and supply chain stability setting a strong foundation for a fourth-quarter (Q4) sales push.

IM LS6; photo credit: IM Motors

Starting in July, SAIC Motor's monthly deliveries have shown steady growth. With the automotive market entering its traditional sales peak in Q4, the group reported a notable uptick in orders during the National Day holiday. Highlights include over 8,000-unit orders for the IM LS6, more than 20% year-on-year growth in orders for Roewe and MG-branded passenger vehicles, and strong demand for SAIC Volkswagen's Passat and Tharu models, with over 8,000 and 10,000 units of orders, respectively. SAIC-GM's Buick Envision Plus saw over 7,000-unit orders, while SAIC-GM-Wuling's Binguo garnered more than 13,000-unit orders. Besides, support from national and local trade-in subsidies is expected to further drive production and sales growth.

In the new energy vehicle (NEV) sector, SAIC Motor achieved 886,000 units of deliveries in the first three quarters, representing a 29.5% year-on-year increase. Overseas, SAIC Motor delivered 806,000 vehicles, a 5.5% increase over a year earlier. The group's self-owned brands contributed deliveries of 1.905 million vehicles, accounting for 59% of overall sales, a 5-percentage-point increase from last year.

SAIC Motor also maintained significant investment in R&D, with a total of 19.94 billion yuan poured in the first three quarters, accounting for 4.75% of the groups revenue for this period.

Looking ahead, SAIC Motor plans to expand its NEV lineup for Roewe and MG brands with multiple launches across sedan, MPV, and SUV categories by the end of the year, aiming to capture the market's growing demand for sustainable mobility.