SAIC Motor attains 4.54% YoY growth in Nov. 2023 auto sales

Shanghai (Gasgoo)- SAIC Motor saw its auto sales climb 4.54% over a year ago to 515,114 units in Nov. 2023, the first upward movement after five consecutive months of year-on-year decrease in monthly sales, according to the Shanghai-based auto giant's official sales figures.

Of the vehicles SAIC Motor sold last month, 150,677 units were new energy vehicles (NEVs), representing a 15.95% growth year-over-year. In the same month, the group's export volume and sales contributed by its overseas bases aggregated 117,761 units, climbing 6.05% from the previous year.

For the first 11 months of this year, SAIC Motor sold 4,383,899 vehicles in total, an 8.02% year-on-year decline. Its year-to-date NEV sales edged down 2.87% over the year-ago period to 903,558 units, while a total of 1,066,915 vehicles were exported and sold by the group’s overseas bases, indicating a 20.78% jump compared to the same span of last year.

Among subsidiaries, SAIC-GM-Wuling still served as the biggest contributor to SAIC Motor's overall auto sales in November, with 160,000 vehicles sold (-5.88% YoY). 

It is noteworthy that IM Motors, the premium electric vehicle brand co-owned with Alibaba Group and Zhangjiang High-tech, boasted an astonishing year-on-year spike of 1,331.41% with 8,703 vehicles delivered last month, greatly thanks to the popularity of the IM LS6 SUV model.

MG Motor India faced a 1.8% year-on-year dip with 5,026 vehicles sold in November, but its Jan.-Nov. sales jumped 26.15% from the previous year to 57,162 units.

Recently, SAIC Moto and JSW Group of India joined forces by signing a strategic cooperation agreement in London, aiming to capitalize on the rapidly growing Indian automotive market. This collaboration positions JSW Group as a strategic investor, injecting vital support into MG Motor India's quest to expand its market share in India.

According to the agreement, upon the completion of the capital increase, JSW Group will acquire a 35% stake in MG Motor India. However, the realization of this collaboration is contingent upon government approval.