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SAIC Motor suffers year on year drop in January 2019 sales

Auto News - Published on Tue, 19 Feb 2019

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Gasgoo reported that SAIC Motor sold 611,502 vehicles last month, suffering an apparent drop of 14.13% compared with the same period a year ago. It has to be mentioned that the sales number of SAIC GM Wuling Indonesia Co.,Ltd is newly added into the group's sales report from January 2019. Aside from SAIC-IVECO Hongyan Commercial Vehicle whose Jan. sales jumped 22.57%, the other subsidiaries all suffered year-on-year (YoY) drop. SAIC Volkswagen and SAIC-GM, two profit mainstays for SAIC Motor, should face double-digit decline. Besides, SAIC Motor PV and SAIC-GM-Wuling saw their sales in January slide 17.84% and 20.03% respectively.

Last year, China's vehicle sales dropped for the first time since 1990, while SAIC Motor still gained a slight growth of 1.75%. Of that, SAIC Volkswagen and SAIC-GM both had annual sales volume exceeding 2 million units. The sales of Roewe and MG, two car brands owned by SAIC Motor PV, aggregated 701,885 units with an impressive jump of 34.45%. In addition, SAIC Maxus also witnessed its sales in 2018 surpass 120,000 units, rising 14.5% year on year.

Thanks to the stable performance of most subsidiaries, 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. However, 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.

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Posted By : Joykumar Irom on Tue, 19 Feb 2019
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