SAIC Motor reported a sharp rise in third-quarter profit, buoyed by robust sales growth and improved cost efficiency. The Chinese automaker posted a net income of RMB 2.08 billion ($293 million) for the third quarter, marking a 644.9 percent year-on-year increase.
The strong performance was supported by higher sales volumes and effective cost and expense management, as SAIC continued to implement operational reforms aimed at improving efficiency. Wholesale vehicle sales reached 1.14 million units in the third quarter, up 38.7 percent from a year earlier, while revenue climbed 16.2 percent to RMB 169.4 billion.
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For the first nine months of 2024, SAIC reported wholesale vehicle sales of 3.19 million units, a 20.5 percent year-on-year increase, with retail sales totaling 3.38 million units. Revenue for the period rose 9.0 percent to RMB 469.0 billion, while net income increased 17.3 percent to RMB 8.1 billion. Net profit excluding non-recurring gains and losses surged 578.6 percent to RMB 7.12 billion. Operating cash flow grew 70.9 percent year-on-year to RMB 31.94 billion.
Sales of SAIC’s own-brand vehicles rose 29.2 percent to 2.04 million units in the first three quarters, accounting for 64 percent of total sales. New energy vehicle (NEV) sales climbed 44.8 percent to 1.08 million units, with a record 190,000 units sold in September.
Overseas sales reached 765,000 units, up 3.5 percent, including 215,000 NEVs, which soared 69.7 percent year-on-year. Recent product launches include the IM LS6, all-new MG4, Shangjie H5, and Roewe M7 DMH, while its joint venture with General Motors introduced the Buick Electra L7 extended-range sedan.
