SAIC Motor forecasts two-digit YoY drop in 2024 net profit attributable to shareholders

Shanghai (Gasgoo)- On January 25, SAIC Motor issued its profit forecast for 2024, projecting a net profit attributable to its shareholders of between 1.5 billion yuan and 1.9 billion yuan, which would represent a steep decline of 87% to 90% compared to the previous year.

Excluding the impact of certain non-recurring gains and losses, the group is likely to post a net loss of 4.1 billion yuan to 6 billion yuan attributable to shareholders, reflecting a plunge of 141% to 160% compared to 2023.

The automaker said the drop in sales revenue and gross profit was driven by a contracting oil-fueled vehicle market and intensifying price competition.

In its core automotive business, SAIC Motor's cumulative wholesale sales amounted to 4.013 million vehicles and terminal deliveries totaled 4.639 million vehicles for 2024.

Among them, the company’s self-owned brands, including IM Motors, MG, Maxus, Wuling, and Baojun, achieved wholesale sales of 2.408 million vehicles, marking a 5% rise compared to 2023. The group's new energy vehicle (NEV) wholesale sales stood at 1.234 million units, up 9.9% year-on-year. Of these, the premium brand IM Motors sold 66,000 vehicles, reflecting a 71.2% year-on-year soar. In the overseas market, the group's annual terminal deliveries rose 2.6% year-on-year to 1.082 million vehicles. 

In the core intelligent electric technology sector, SAIC Motor invested nearly 150 billion yuan in R&D in the recent decade. The company has launched pure electric, hybrid, and hydrogen vehicle platforms, along with advanced batteries, electric drive systems, super-hybrid systems, and intelligent vehicle full-stack solutions.

Additionally, SAIC Motor launched the "Seven Technological Pillars 2.0", featuring multiple innovations such as solid-state batteries, digital smart chassis, "centralized + regional" electronic architectures, advanced intelligent driving, DMH super-hybrid systems, and Rubik’s cube batteries.

Regarding significant cooperations, in May 2024, SAIC Motor and Audi announced a partnership to co-develop multiple high-end smart electric vehicles and a smart digital platform. In November last year, SAIC Motor and Volkswagen extended their joint venture agreement, enabling the two companies to jointly develop over ten new vehicle models, including BEVs (battery electric vehicles) and PHEVs (hybrid plug-in electric vehicles), with technology support from both sides.