SAIC Motor posts YoY growth in Oct. 2024 vehicle deliveries despite drop in wholesales

Shanghai (Gasgoo)- SAIC Motor recently announced that its monthly wholesale volume reached 401,893 vehicles in October 2024, sliding 18.22% over the previous year. Nevertheless, the group's monthly deliveries climbed 6.4% year on year and 12.7% month on month to around 457,000 vehicles in the same month.

For the first ten months of this year, SAIC Motor recorded a cumulative wholesale volume of 3,051,226 vehicles, which shrank 21.13% over the year-ago period.

Of the vehicles sold last month, 157,088 units were contributed by the new energy vehicle (NEV) sector, indicating a year-on-year spike of 51.08%. For the Jan.-Oct. period of the year, SAIC Motor saw its NEV wholesales jump 20.22% from a year earlier to 905,115 units.

On the delivery front, SAIC Motor reported a delivery volume of about 161,000 NEVs for the month of October, which surged 51.2% from a year ago. As for the year-to-date performance, the group had delivered around 1.048 NEVs this year by October, showing a year-on-year jump of 32.6%. 

In addition, SAIC Motor said there were 104,133 vehicles exported and sold in its overseas markets last month, displaying a 6.4% year-on-year decline. The number amounted to 843,340 units for the first ten months, representing a decrease of 11.15% over the prior-year period.

Breaking down the October wholesales by specific subsidiaries, IM Motors boasted the biggest year-on-year increase (+148.9% YoY) with 10,001 vehicles sold last month. MG Motor India also achieved a year-on-year jump of 30.9%. However, other branches all faced a year-on-year drop. Among them, SAIC-GM saw its monthly wholesales plunge 57.34% year over year to only 36,263 vehicles.