SAIC Motor reports better performance in Q3
SAIC Motor Corporation Limited (SAIC Motor) released its financial report for the third quarter on Oct 30.
According to the report, all its main economic indicators, sales, revenue, and net profit grew in the July-September period.
In Q3, The company sold 1.564 million vehicles, up 5.9 percent year-on-year. Its revenue topped 214.92 billion yuan ($31.14 billion), while its net profit attributable to shareholders of the company topped 8.25 billion yuan, increases of 2.8 percent and 17.4 percent, respectively, from a year earlier.
The vehicle sales from Jan to Sep were numbered at 3.613 million. Revenue and net profit attributable to shareholders of the company were 498.66 billion yuan and 16.65 billion yuan, respectively, making it a leader in the auto industry.
Its balance sheet showed that as of the end of the third quarter, SAIC Motors monetary capital was valued at 67.57 billion yuan, and it made remarkable achievements in cash flow management, providing a strong financial backbone to help the company weather market uncertainty and accelerate innovative development focusing on electrification, intelligent connectivity, sharing, and globalization.
In addition, SAIC Motors R&D expenses reached 8.9 billion yuan, putting it far ahead of its domestic peers.
The Maxus EUNIQ 7 model features SAIC Motors third-generation fuel cell system.
The Marvel-R, a mass-produced car produced by SAIC Motor, is equipped with 5G technology and L3 autonomous functions.
Thanks to its long-term strategy and persistent efforts, the company has cultivated new growth drivers in the NEV industry and in overseas markets ,and has managed to surpass its competition.
The company’s sales of new energy vehicles in the third quarter rose 105 percent year on year to 86,000 units, and its sales in August and September beat out domestic competitors. Its sales in overseas markets reached 89,000, helping it maintain its lead among Chinese automakers.
SAIC Motor’s MG and Maxus sold a combined 61,000 units, a year-on-year increase of 35.9 percent despite the global economic downturn.
SAIC Motor’s vehicles await loading at a port in Shanghai at the launch of the company’s first self-operated shipping route to Europe.