SAIC Group's Net Profit Up 31.92% in 2Q 2020

Automotive Author: Qasim Khan Aug 28, 2020 02:00 PM (GMT+8)

The company plans to further improve its organizational structure and restraint mechanism, and actively introduce strategic investors in innovative fields such as new energy.

Image credit: EqualOcean

SAIC Motor’s 2020 semi-annual report showed that the company managed to sell 2.049 million vehicles in the first half of the year, a year-on-year decrease of 30.2%, of which passenger vehicle sales were 1.63 million, also a year-on-year decrease of 35.8%.

In the first half of this year, the Chinese market sold 10.234 million vehicles, down 17.2% year-on-year of which, passenger car sales were 7.832 million, a year-on-year decrease of 22.9%.

According to the announcement, the sales volume of commercial vehicles under SAIC Motor in the first half of the year was 419,000, up 5.0%, sales of NEV's were 58,000 and vehicle exports and overseas sales were 132,000.

SAIC's subsidiary vehicle companies launched more than 10 new vehicles including Roewe RX5 PLUS, Volkswagen Weiran, Cadillac CT4, and Buick GL8. According to the announcement, SAIC Volkswagen has sold 63% of its A+ models and above and SAIC GM's mid- to high-end models have sold more than 55% of its sales.

SAIC Group achieved a total operating income of CNY 177.794 billion in the second quarter, a year-on-year increase of 0.96%. Net profit was CNY 7.273 billion, up 31.92% year-on-year.

The Chinese auto giant's revenue in the first half of the year was not very optimistic with total operating revenue of CNY 283.74 billion, a year-on-year decrease of 24.60% and net profit of CNY 8.39 billion, a year-on-year decrease of 39.01%.