SAIC Group announces half-year financial report, with sales exceeding 2 million vehicles and revenue and net profit both showing double-digit growth

SAIC Group announces half-year financial report sales exceed 2 million vehicles, revenue and net profit show double-digit growth

【Phoneauto News】On the evening of August 30th, SAIC Group released its semi-annual report for 2023. From January to June, the company’s operating revenue was 316.41 billion yuan, a year-on-year growth of 3.73%; the net profit attributable to shareholders of the listed company reached 7.085 billion yuan, a year-on-year growth of 2.54%, achieving double growth in revenue and net profit.

The report shows that SAIC’s operating revenue for the first half of the year was 316.41 billion yuan, a year-on-year growth of 3.73%; the net profit attributable to shareholders of the listed company reached 7.085 billion yuan, a year-on-year growth of 2.54%; the net cash flow generated from operating activities turned positive, reaching 6.893 billion yuan, a significant increase of 246.54% year-on-year. The main reason for this is that SAIC Financial Company, a subsidiary of the company, moderately adjusted the loan scale according to business needs.

• China Association of Automobile Manufacturers In the first four weeks of August, the retail sales of passenger vehicles reached 1356 million units, a year-on-year increase of 6%
• Avita Technology completes Series B financing of 3 billion yuan! Estimated valuation is nearly 20 billion yuan
• Great Wall Motors’ net profit in the first half of the year was 1361 billion yuan, a year-on-year decrease of 7569%

In terms of sales volume, SAIC Group achieved a wholesale volume of 2.072 million vehicles and a retail volume of 2.238 million vehicles, continuing to maintain its leading position in the domestic industry. The monthly sales volume has also been increasing consecutively. In the second quarter, the sales volume increased by 32.5% compared to the first quarter. In addition, SAIC’s sales volume in overseas markets reached 533,000 vehicles in the first half of the year, maintaining its leading position in the domestic industry in terms of vehicle exports. Among them, the self-owned brand MG has been the top-selling Chinese brand overseas for four consecutive years. From January to June this year, MG sold 115,000 vehicles in Europe, a year-on-year increase of 143%. The proportion of new energy vehicle sales exceeded 50%, and monthly sales volume has exceeded 20,000 vehicles for four consecutive months. In the Middle East, Chile, Australia, Mexico, and other markets, the market share exceeded 5%.

In the report, SAIC Group also introduced its layout for the future in the field of new energy vehicles. It mentioned that the company further clarified the positioning of self-owned brands such as Zhi Ji, Fei Fan, Roewe, MG, and Wuling, forming a new energy brand camp with “high, medium, and low, domestic and foreign” market coverage. In terms of product layout, it is planned to launch three new pure electric models for Zhi Ji Automobile by 2025. SAIC Passenger Vehicle Company will also launch 10 new models, comprehensively enhancing its product competitiveness in the pure electric and plug-in hybrid market.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!