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Major personnel adjustment! SAIC Motor Corporation official announcement

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

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AutoBeta(AutoBeta.net)07/10 Report--

SAIC finally announced its new leader!

On July 10, the official of Shanghai Automobile Group Co., Ltd. (hereinafter referred to as "SAIC") announced the decision of the main leaders to adjust: Mr. Chen Hong, the former chairman, resigned as chairman and other positions due to his retirement age. Wang Xiaoqiu was appointed chairman of SAIC, and Mr. Jia Jianxu was appointed president of SAIC. The relevant dismissal shall be handled in accordance with the provisions of the relevant laws and articles of association.

According to public data, Chen Hong was born in March 1961 and is now 63 years old. he has worked in SAIC for 40 years, from the liaison of the car project team under SAIC Tractor Factory to technician, workshop director, deputy factory director and factory director. It took 30 years to go to the general manager of Shanghai GM, the president of SAIC Group and the chairman of SAIC Group. In May 2014, SAIC official Xuan and Chen Hong served as party committee secretary and chairman of Shanghai Automobile Group Co., Ltd., which lasted for 10 years.

Chen Hong took over from Hu Maoyuan, 63, in 2014, when SAIC was the largest auto group in China. Over the past 10 years, with the vicissitudes of life, Chen Hong has witnessed many historic moments in the automobile industry, such as the peak of China's automobile market, new energy vehicles are about to exceed fuel vehicles, and independent brands have become the protagonists of the market.

In 2023, the total operating income of SAIC was 744.71 billion yuan, up 0.09% from the same period last year; the net profit belonging to shareholders of listed companies was 14.11 billion yuan, down 12.48% from the same period last year; and the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 10.04 billion yuan, an increase of 11.71% over the same period last year. In terms of sales volume, SAIC accumulated wholesale sales of 5.021 million vehicles in 2023, down 5.31 per cent from the same period last year, of which 1.123 million new energy vehicles were sold, up 4.6 per cent from the same period last year.

According to Automotive Industry concern, SAIC-Volkswagen, SAIC-GM and SAIC-GM Wuling account for 72.1% of the group's total sales, while SAIC passenger cars and SAIC Chase account for only 25%. In other words, the joint venture brand is still the main source of sales of SAIC, while with the exception of SAIC-Volkswagen, the other two joint ventures have seen sales declines of more than double digits, and their performance will directly affect the performance of the group.

SAIC-Volkswagen and SAIC-GM are still the group's profit sources, but their profit performance has changed due to the decline in sales. According to the financial report, SAIC-Volkswagen has an operating income of 140.28 billion yuan and a net profit of 3.13 billion yuan in 2023. SAIC GM has an operating income of 145.29 billion yuan and a net profit of 2.54 billion yuan. SAIC GM Wuling has an operating income of 76.01 billion yuan and a net profit of 930 million yuan. According to this statistics, the three joint ventures account for 46% of SAIC's total profits.

After entering 2024, with the further expansion of the domestic auto market, the overall influence of joint venture brands has declined, and the overall performance of SAIC, which relies more on fuel vehicles, is still not satisfactory. In the first half of the year, SAIC sold a total of 1.827 million vehicles, down 11.81% from the same period last year, of which 461000 new energy vehicles were sold, up 23.90% from the same period last year. In terms of specific brands, in the joint venture sector, SAIC Volkswagen grew 1.75% year on year, SAIC GM Wuling increased 9.60% year on year, while SAIC GM declined 49.98% year on year. SAIC passenger cars are down 18.49% year on year. SAIC Chase is down 9.18%, while as its high-end pure electric brand, SAIC Zhiji soared 129.34%, but its overall market share is not high. Cumulative sales are only 22452.

At present, SAIC is still the largest automobile group in China, with strong joint venture brands such as SAIC-Volkswagen, SAIC-GM and so on. however, under the background that independent brands launch a general attack on joint venture brands and new energy vehicles are about to surpass traditional fuel vehicles, SAIC has inevitably ushered in unprecedented difficulties and challenges under the background of stock competition in the car market and the rise of new energy. How to ensure the market share of the joint venture brand and enhance the strength of the independent brand will be an important task for the new leader.

His successor, Wang Xiaoqiu, was born in 1964 and is now 60 years old, but he is also an experienced "old steamer". In 2003, when SAIC launched its own brand project, the project leader was Wang Xiaoqiu. It can be said that Wang Xiaoqiu is the founder of SAIC's own brand. Under the leadership of Wang Xiaoqiu, the car has achieved rapid development in four years. In 2018, the cumulative sales of SAIC passenger cars reached 701900, but failed to maintain its advantage in the subsequent more fierce market competition. In the current competition between independent brands, SAIC's independent sector performance did not meet expectations.

Jia Jianxu, who succeeded Wang Xiaoqiu as group president, was nominated by Chen Hong, who was born in 1978 and played a key role in SAIC's overseas market development. In February 2023, Jia Jianxu assumed the post of general manager of SAIC Volkswagen. In December 2023, SAIC announced the appointment of Jia Jianxu as vice president. In other words, in less than a year, Jia Jianxu was promoted to vice president of the group and to president of the group in less than a year.

SAIC, the largest auto group in China, is constantly strengthening the development of its own brands, but it is bound to be difficult for elephants to turn around. At present, in the special period of the reform of new energy vehicles, the exchange of market positions of independent joint ventures, and the obstacles for Chinese cars to go to sea, SAIC is also facing various challenges. In any case, the succession of "veteran" Wang Xiaoqiu will be the beginning of SAIC to get rid of long-standing malpractices and build confidence in the transformation of new energy. Three or five years later, a ready SAIC Group will be handed over to a new successor, and whether it can usher in the next magnificent decade.

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