SAIC Motor Reports 13.69% YoY Decline in Gross Revenue in H1 2022


Shanghai (Gasgoo)- SAIC Motor today announced that its gross revenue reached 315.993 billion yuan ($46.094 billion) in the first half of 2022 (“H1 2022”), down 13.69 percent year on year. former.

During the reporting period, the Shanghai-based auto giant posted a 48.1% year-on-year decline in half-year net profit attributable to shareholders, which was around 6.91 billion yuan. ($1.008 billion). Excluding the impact of some one-time gains and losses, the group’s first-half net profit fell another 48.47 percent year on year to about 6.108 billion yuan ($890.974 million).

Photo credit: SAIC Motor

The company partly attributed the drop in revenue from January to June. in revenue and net profit to the impact of the resurgence of the coronavirus on the automotive supply chain, chip supply constraints and rising prices of raw materials such as electric batteries.

Notably, the group noted a profitable status for the second quarter of this year, indicating its strong operational resilience.

In the Jan.-June. period, SAIC Motor’s R&D expenditure fell only 1.23% from the year-ago period to 7.669 billion yuan ($1.119 billion). In the first six months of 2022, SAIC Motor sold approximately 2.234 million vehicles in total, of which more than 50% were contributed by its own brands. Meanwhile, the group’s first-half new energy vehicle sales jumped 32.9% year-on-year to 393,000 units, while its export volume and market sales foreigners totaled 381,000 units, jumping 47.7% over the previous year.

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