AutoBeta(AutoBeta.net)05/01 Report--

As the largest automobile group in China, SAIC announced its quarterly results on the 30th, showing that its operating income in the first quarter was 196.016 billion yuan, down 16.54 percent from the same period last year, and its net profit was 8.251 billion yuan, down 15 percent from the same period last year.

The decline in performance is related to the decline in overall sales of SAIC. According to SAIC's first-quarter sales report, the group sold a total of 1.533 million cars from January to March, down 15.88% from a year earlier, and major joint ventures and independent brands declined across the board.

SAIC is the auto group with the largest sales volume and profits in China, and its downward trend precisely reflects the depressed market environment of the domestic auto market. In fact, 2018 is the inflection point for China's auto industry, and the decline continues to this day, with monthly sales in the passenger car market declining by double digits.

SAIC-Volkswagen can sell 2 million vehicles a year, but it began to "stall" this year, falling to 468000 in the first quarter, down 8.8 per cent from a year earlier. SAIC-Volkswagen hopes to rescue the market by launching more SUV products, including small SUV T-Cross, Tuang X and other new cars will be on the market this year.

SAIC GM sold 427000 vehicles from January to March, down 13.1 per cent from a year earlier. SAIC GM Wuling fell 25.4% to 430000 vehicles. General Motors CFO Suyadwalla said the company would further cut production at its factories in China in the second quarter to solve inventory problems. He also said that the Chinese car market is very volatile.

SAIC's own brands sold a total of 150000 new cars from January to March, down 17.5% from the same period last year, meaning that the market demand of Roewe and Mingjue brands was affected by the market environment.

According to the Federation of passengers, the overall market for passenger cars fell by more than 10% in the first quarter of this year compared with the same period last year, with traditional fuel vehicles down 13% year-on-year, while new energy passenger vehicles increased by 120%. SAIC's revenue, profit and sales have declined, which is also a portrayal of the industry as a whole.

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