SAIC Motor, China’s largest carmaker, sold more than 5.3 million vehicles in 2022, ranking first in China for the 17th consecutive year. It was also China’s first automobile enterprise to sell one million new energy vehicles (NEVs) overseas, as well as the first Chinese carmaker to sell more than one million vehicles overseas. The carmaker also made breakthroughs in industrial transformation and upgrading last year.

According to official statistics, SAIC Motor’s gross revenue reached 744.06 billion yuan ($107.6 billion) in 2022, while its net profit attributable to shareholders totaled 16.12 billion yuan.

In the first quarter of this year, SAIC Motor witnessed a surge in vehicle sales. Official data showed that the carmaker sold 891,000 vehicles during this period, generating gross revenue of 145.92 billion yuan, while its net profit attributable to shareholders was 2.78 billion yuan.

SAIC Motor is expected to maintain vehicle sales growth this year. The carmaker has set a target to increase its new energy vehicle (NEV) sales to 1.5 million units this year, up 40 percent year-on-year, while its sales volume in overseas markets is expected to reach 1.2 million units, up about 20 percent year-on-year.

By 2025, sales of SAIC Motor’s self-owned brands, NEVs, and intelligent connected vehicles (ICVs), are expected to account for 60 percent, 50 percent, and more than 50 percent of its total sales volume respectively, while its overseas sales will make up more than 20 percent of its total vehicle sales.

According to statistics, sales of its self-owned brands exceeded 2.78 million units last year, accounting for 52.5 percent of its total sales. SAIC Motor Passenger Vehicle Company, one of its subsidiaries, sold 839,000 units during the period, setting a new record. Sales of its NEVs exceeded 1.07 million, up 46.5 percent year-on-year, ranking first in the world.

In 2022, SAIC Motor’s overseas sales reached a record high of 1.01 million units, up 45.9 percent year-on-year, helping it retain the top spot among China’s carmakers for the seventh consecutive year. It is said that SAIC Motor makes one out of every three Chinese cars sold overseas.

The European market was SAIC Motor's first overseas market with annual sales exceeding 100,000 units. SAIC Motor’s MG brand was the most popular Chinese brand in overseas markets for the fourth years in a row. Its MG4 ELECTRIC vehicle, the first model that SAIC Motor built using its dedicated electric platform, has been well received in European countries, with its monthly overseas sales in March exceeding 10,000 units.

SAIC Motor said that it will push forward structural reforms and that sales of its self-owned brand vehicles will account for 60 percent of its total sales by 2025. The carmaker is expected to foster new growth drivers and new strengths, intensify efforts to promote transformation and innovation, as well as accelerate the development of its NEVs and ICVs, with its NEV sales accounting for more than 50 percent of its total vehicle sales.

The carmaker will also accelerate its pace to have balanced development in domestic and overseas markets, with its overseas sales expected to exceed 1.5 million units by 2025, accounting for more than 20 percent of its total vehicle sales. It will strive to become an automobile industry group with global competitiveness and international brand influence by 2025, with its gross revenue reaching 1 trillion yuan, growing into a world-class automobile enterprise.