SAIC Motor boasts 2-digit YoY growth in Oct. 2023 overseas sales

Shanghai (Gasgoo)- SAIC Motor saw its monthly auto sales edge down 2.36% year on year to 491,433 units in October 2023, according to the group's announcement issued on Monday.

For the first ten months of this year, the Shanghai-based auto giant sold a total of 3,868,785 vehicles, reflecting a year-on-year decrease of 9.47%.

SAIC Motor announced that its new energy vehicle (NEV) sales in October rose 2.17% year on year to 103,978 units, resulting in a Jan.-Oct. volume of 752,881 units (-5.92% YoY).

MG 4 EV; photo credit: MG

Moreover, SAIC Motor said its export volume and overseas market sales totaled 111,252 units last month, leaping 32.32% over the prior-year period and hitting the highest-ever level so far this year. For the Jan.-Oct. period, the group had 949,154 vehicles exported and sold to overseas markets, indicating a 22.9% year-over-year jump.

Breaking down the October sales figures by specific subsidiaries, SAIC-GM-Wuling (“SGMW”) outsold others with a sales volume of 155,000 units, which dropped 3.13% from a year earlier. SAIC Volkswagen faced a year-on-year decline of 4.22% with 120,013 vehicles sold last month, while SAIC-GM suffered a 28.57% year-over-year plunge in its October sales, which came in at 85,000 units. SAIC Motor Passenger Vehicle Company’s monthly sales leapt 38.29% from a year ago to 93,956 units.

IM Motors, the premium electric vehicle brand co-backed with Alibaba Group and Zhangjiang High-Tech, recorded a sales volume of 4,018 units last month, which zoomed up 367.21% over the year-ago period. Its year-to-date sales rocketed 386.11% from a year earlier to 19,138 units.