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SAIC's annual sales failed, underselling millions of vehicles

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >

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On January 5, SAIC announced sales KuaiBao showed that a total of 637000 vehicles were sold in December 2023, up 18.75% from January to December, down 5.31% from January to December. Among them, sales of new energy vehicles in December 2023 were 219400, up 53.16% from the same period last year, and the cumulative sales in the first 12 months were 1.1229 million, up 4.61% from the same period last year. It is understood that SAIC plans to strive for full-year vehicle sales to reach 6 million units in 2023, an increase of more than 10% over the same period last year, and actually achieve only 83.68% of the sales target, nearly 1 million vehicles short of the target.

SAIC's sales are poor, mostly because of a decline in sales in its joint venture car companies. It is understood that SAIC Group includes three major joint ventures: SAIC-Volkswagen, SAIC-GM and SAIC-GM Wuling.

From the group level, SAIC Volkswagen is the profit cow of SAIC Group, which is much higher than SAIC GM and SAIC GM Wuling. According to the data, SAIC-Volkswagen sold 1.215 million vehicles in 2023, down 8.01% from the same period last year, including 142600 in December 2023, an increase of 17.41% over the same period last year.

SAIC Volkswagen has Audi, Volkswagen, Skoda three major brands, respectively, the layout of luxury, mainstream, middle and low-end markets. Retail data show that SAIC-Volkswagen (excluding Skoda / Audi) sold 1.0408 million vehicles in November 2023, second only to BYD cars. In terms of models, SAIC-Volkswagen's best-selling model is Lang Yi, with 307100 vehicles. It is understood that SAIC-Volkswagen will launch the Tuguan L Pro, the new Passat, the new Polo, ID.NEXT production version and a compact SUV in 2024. Tuguan L and Passat are both SAIC Volkswagen's best-selling models, with cumulative sales of 140900 and 166400 vehicles in the first November of 2023, while ID.NEXT and FAW-Volkswagen ID.7 VIZZION sister models, which will be launched on December 15, 2023, the new car launched AIR, PRO, PRIME three models The price range is 22.7777-262777 yuan.

With the exception of Volkswagen brands, the performance of the other two brands is not optimistic. Take SAIC Audi as an example, its models for sale include A7L, Q5 e-tron and Q6, three Audi do not have a strong sense of existence in the market. Data show that SAIC Audi retailed 22400 vehicles in November before 2023, of which Audi A7L sold 14000 vehicles.

As a joint venture brand that once wrestled with North and South Volkswagen, SAIC GM has three major brands: Cadillac, Buick and Chevrolet, which also covers high-end, mainstream, middle and low-end markets, and has long been at the forefront of domestic passenger car sales. However, SAIC GM's influence has not been as good as it used to be in recent years. According to the data, SAIC GM sold 1.001 million vehicles in 2023, down 14.45% from the same period last year, of which 104800 were sold in December, up 11.21% from the same period last year.

In 2023, the Buick brand will launch a new generation of LaCrosse and a new Regal, and at the same time actively layout the new energy vehicle market, launching Buick E4 and Buick E5 electric vehicles. Buick E5 will be launched in April 2023, offering a standard life version with a battery life 545km, a long-range 620km version and an Ivia four-wheel drive version with a range of prices starting from 169900 yuan. It is understood that the Buick E5 positioning medium-and large-scale pure electric SUV is the first Buick pure electric vehicle based on the Orteneng pure electric platform, using the latest Buick LOGO and the latest family design language. Buick said that by the end of 2025, Buick will launch five Autor platform models, while SAIC GM will launch 10 models.

As for SAIC GM Wuling, sales of 1.4031 million vehicles in 2023, down 12.31% from the same period last year, is the largest brand in SAIC Group, and the decline is mainly due to the fact that the Hongguang MINIEV is not as popular as it used to be, and the market for mini electric vehicles has become saturated.

In terms of independent brands, SAIC passenger car sales (including Mingjue / Feifan / Roewe) rose 17.50 per cent to 986000 vehicles year-on-year, of which December sales rose 57.54 per cent to 136900 vehicles. In addition, high-end new energy brand Zhiji sold 38100 cars in 2023, an increase of 665.06% over the same period last year. Currently, models on sale include L7, LS7 and LS6.

Under the pressure of sales, SAIC is also facing a lot of pressure in terms of financial results. At present, SAIC is in a critical stage of electric transformation. according to the "three-year Action Plan for the Development of New Energy vehicles" released by SAIC at the Shanghai Auto Show this year, SAIC will sell 3.5 million new energy vehicles annually by 2025. Among them, independent brands will account for 70% of the total sales of new energy vehicles. From the current analysis, although SAIC has invested a lot of resources in Zhiji and Feifan brands, there is still a long way to go to achieve blood recovery.

In December 2023, SAIC announced the appointment of three vice presidents: Jia Jianxu, general manager of SAIC-Volkswagen; Jiang Jun, CEO of Zhiji Automobile; and Wu Bingsheng, general manager of SAIC passenger car branch and CEO of Feifan Automobile, as vice president of SAIC. The three vice presidents hired by SAIC are all post-70s, which also means that SAIC's management team will be younger and may bring more positive performance to the development of major brands.

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