SAIC Sold Over 550,000 NEVs From January Through October, Up 187.57% YoY

On Friday, SAIC released its October production and sales report at the Shanghai Stock Exchange. Last month, it sold and produced fewer vehicles year-on-year, even as its sale of NEVs roared, with a year-on-year increase of 58.03%. In 2021, SAIC has sold 555,900 NEVs, representing a cumulative year-on-year increase of 187.57%.

The latest public data indicate that the total output of SAIC vehicles reached 572,000 units in October this year, down 5.12% year-on-year. Meanwhile, the total sales volume reached 582,100 vehicles, down 2.44% year-on-year, among which the monthly sales volume of SAIC passenger cars exceeded 100,000 vehicles, and its cumulative sales volume increased by 25.7% year-on-year.

Regarding specific brands, SAIC-GM-Wuling had the highest sales volume in October, with a monthly sales volume of 200,000 vehicles, higher than that in September. The second and third place went to two join ventures, SAIC-GM and SAIC-Volkswagen, which saw sales volumes of 132,000 and 120,000 vehicles, respectively. However, they both had lower monthly sales and cumulative sales during the period.

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In addition, SAIC has recently released its third-quarter financial report, showing total revenue of 552.713 billion yuan ($86.34 billion) in the three quarters, a year-on-year increase of 10.84%. The net profit attributable to shareholders of listed companies was 20.35 billion yuan, a year-on-year increase of 22.24%. Total revenue was 186.616 billion yuan during the third quarter alone, down 13.17% year-on-year, while quarterly net profit attributable to shareholders of listed companies was 7.036 billion yuan, down 14.75% year-on-year.

At the same time, SAIC announced plans to set up Feifan Automobile and Lingshu Technology Company.

Yesterday, BYD also released its production and sales data for October. In terms of its sales volume of NEVs, although SAIC still tops all companies in the cumulative sales volume this year, judged by the monthly data, BYD’s sales volume of NEVs has surpassed SAIC for two consecutive months.