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SAIC Motor predicts YoY growth of 4.6% in 2018 net profits

UMS Institute | 2019/2/9

Shanghai (Gasgoo)- SAIC Motor predicted that its net profits attributable to shareholders of listed company total around RMB36 billion in 2018, up by nearly 4.6% compared with the 2017's record year.

Besides, the non-recurring-excluded net profits attributable to shareholders of listed company in 2018 might be around RMB32.4 billion, which is some RMB500 million less than that of a year ago.

SAIC Motor sold a total of 7,051,734 vehicles throughout 2018, achieving a year-on-year (YoY) growth of 1.75% and gaining 24% of market shares in China. However, in the final month last year, its sales still dropped 10.02% over a year ago to 659,696 units.

Two self-owned car brands managed by SAIC Motor PV—Roewe and MG saw their annual sales aggregated 701,885 units with a significant YoY jump of 34.45% despite China's overall sales downturn.

SAIC Motor has been strengthening its presence in NEV domain. Last year, its NEV sales exceeding 140,000 units skyrocketed over 120% compared with the previous year. In addition, SAIC Maxus has deployed over 300 units of the fuel cell light bus FCV80 across three cities in China.

In meanwhile, the automaker has begun the foray into the mobility service field by launching its mobility brand dubbed “Xiangdao Chuxing” in last December.

In addition, SAIC Motor and GM Financial (GMF), a subsidiary of General Motors, announced the establishment of SAIC-GMF Leasing Co.,Ltd on November 30, 2018. The joint venture aims to capitalize on downstream growth opportunities in automotive financing services in China while providing better, safer and more sustainable mobility solutions to customers. 


 


 

 

 
 

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