SAIC Motor reports YoY drop in H1 2024 revenue, but NEV business sees robust growth

Shanghai (Gasgoo)- SAIC Motor released its 2024 semi-annual financial results on Thursday, announcing revenue of around 277.086 billion yuan, which dropped 12.43% year on year. Its consolidated total revenue for the first half of this year reached roughly 284.69 billion yuan.

In the reporting period, SAIC Motor recorded a net profit of 6.628 billion yuan attributable to shareholders, representing a year-on-year decrease of 6.45%. Besides, the group's basic earnings per share stood at 0.577 yuan for the Jan.-Jun. period of 2024, shrinking from the 0.616 yuan for the year-ago period.

IM L6; photo credit: SAIC Motor

SAIC Motor achieved wholesale sales of 1.827 million vehicles and delivered 2.115 million vehicles to customers during the first six months of the year. Leveraging national and local "trade-in" subsidy policies, along with market promotions, buy-back guarantees, and financial incentives, the group effectively stimulated consumer demand and eased channel inventory pressures with nearly 300,000 more vehicles retailed than it wholesaled. The company also launched several heavyweight new energy vehicle (NEV) models, including the IM L6, the Roewe D5X, and the Buick GL8 PHEV. Notably, SAIC Volkswagen's ID. family consistently surpassed 10,000 units in monthly sales.

By expanding its presence in the NEV market and seizing opportunities for structural growth, SAIC Motor delivered about 524,000 NEVs in the first half of 2024, marking a 29.9% year-over-year jump.

SAIC Motor also made significant strides in overseas markets. In the first half of 2024, the group solidified its presence in core markets such as Western Europe and South America while accelerating expansion into emerging markets like Eastern Europe. Overseas deliveries reached 548,000 units, up 12.7% from the previous year. In response to the EU's anti-subsidy investigation, SAIC Motor provided thousands of documents and evidence, actively defending its position through questionnaires, written rebuttals, and presentations at specialized hearings. The MG3 HEV has also been launched in Europe, aiming for a breakthrough in the A-segment car segment. SAIC Motor’s President Jia Jianxu recently emphasized, “Our sales in Europe this year won't be lower than last year's. The demand for our HEV products has exceeded expectations, with some orders scheduled for delivery as late as the first quarter of next year.”