AutoBeta(AutoBeta.net)08/29 Report--

SAIC announced today that it achieved 367.916 billion yuan in revenue and 13.764 billion yuan in net profit in the first half of the year, down 27.49 percent from a year earlier.

SAIC's sales declined in the first half of 2019, with a total of 2.9373 million new cars sold, down 16.62 per cent from a year earlier. Under the unfavorable conditions of the domestic car market, SAIC also fell into a passive situation, and the independent joint venture plate declined almost across the board.

SAIC-Volkswagen is a company with domestic sales of more than 2 million vehicles in a row, and it is difficult to continue to reach the same height this year. SAIC-Volkswagen sold 154000 vehicles in June, down 13 per cent from a year earlier, down 9.94 per cent from January to June to 919000 vehicles.

SAIC GM is facing a stall, thanks to a discount to clear inventory, sales have eased. SAIC GM sold 140000 vehicles in June, up slightly from a year earlier, but fell 12.91 per cent to 834000 in the first six months.

The shrinking market of SAIC GM Wuling is getting bigger and bigger, and the decline in sales is also further expanding. Sales in June were 100000, down 36.4% from a year earlier, while cumulative sales in the first six months reached 744700, down 29.19%.

SAIC's independent passenger car brands also faced difficulties, with cumulative sales falling 13.18 per cent year-on-year to 311700 from January to June.

Under the depression of the car market, Chinese leading enterprises such as SAIC are also under pressure, which confirms that the living environment of domestic car companies will become worse and worse.

For comparison, Geely's revenue in the first half was 47.56 billion yuan, down 11% from a year earlier, while net profit was 4 billion yuan, down 40% from a year earlier. The operating income of Great Wall Motor in the first half of the year was 40.317 billion yuan, down 15.93% from the same period last year, while the net profit was 1.517 billion yuan, down 58.95% from the same period last year.

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