- SAIC attributed the substantial net income growth primarily to increased sales volume and optimized costs and expenses.
- SAIC's wholesale sales in the third quarter reached 1.14 million units, a 38.7 percent year-on-year increase.
SAIC Motor (SHA: 600104) delivered robust third-quarter financial performance, driven by increased sales volume and optimized costs and expenses.
The Chinese automotive giant reported third-quarter net income of RMB 2.08 billion ($293 million), representing a 644.9 percent year-on-year increase, according to an announcement released today.
The substantial increase in net income was primarily driven by the company's accelerated sales growth, alongside comprehensive reforms focused on enhancing operational efficiency.
SAIC effectively controlled costs and expenses while further strengthening capital management, it said.
Wholesale sales for the third quarter reached 1.14 million units, up 38.7 percent year-on-year.
Operating revenue for the quarter totaled RMB 169.4 billion, representing a 16.2 percent increase compared to the same period last year.
In the first three quarters, SAIC's wholesale vehicle sales reached 3.19 million units, up 20.5 percent year-on-year, while retail sales totaled 3.38 million units.
The company's revenue for the first three quarters was RMB 469.0 billion, a 9.0 percent increase year-on-year.
SAIC's net income for the first three quarters reached RMB 8.1 billion, up 17.3 percent year-on-year; net income excluding non-recurring gains and losses was RMB 7.12 billion, surging 578.6 percent year-on-year.
Net cash flow from operating activities for the first three quarters totaled RMB 31.94 billion, a 70.9 percent increase year-on-year.
During the first three quarters, SAIC's own-brands saw sales of 2.04 million units, up 29.2 percent year-on-year, accounting for 64 percent of its total sales -- a 4.3 percentage point increase compared to the same period last year.
During this period, SAIC's new energy vehicle (NEV) sales totaled 1.08 million units, up 44.8 percent year-on-year, with September sales hitting a record high of 190,000 units.
Overseas sales for the first three quarters totaled 765,000 units, up 3.5 percent year-on-year. Overseas NEV sales reached 215,000 units, surging 69.7 percent year-on-year.
SAIC's own brands recently launched models including the IM LS6, all-new MG4, Shangjie H5, and Roewe M7 DMH.
Its joint venture with General Motors, SAIC-GM, launched the Buick Electra L7 extended-range sedan last month.
Shangjie is a new brand developed through SAIC's collaboration with Huawei, serving as the fifth brand under the HIMA (Harmony Intelligent Mobility Alliance) initiative.
($1 = RMB 7.1092)
