SAIC Motor aims to sell 10 million vehicles per year for 2021
From 2021 to 2025, the Chinese largest automaker expects its overseas sales to reach 1.5 million units annually and grow at a CAGR (compound annual growth rate) of over 30%. The overseas business is anticipated to account for nearly 15% of SAIC's total sales within the period.
The year of 2020 is a juncture where the state-owned auto giant wrapped up the plan for the 2016—2020 period and prepared for the next five-year master plan. Last year, SAIC Motor saw its full-year sales dipped 10.22% from a year ago to 5,600,482 units, mainly due to the impact of the coronavirus pandemic. However, it was still honored the No.1 auto group in China with an absolute predominance. With the market climate gradually getting improved, SAIC Motor achieved seven consecutive months of year-on-year sales growth as of Dec. 2020.
The annual sales drop substantially affected SAIC's financial results. The company's net profit attributable to shareholders in 2020 was anticipated to slump 21.89% year on year to roughly 20 billion yuan ($3.096 billion). Much of the blame should be laid on the sales decline, said SAIC Motor.
SAIC Motor is speeding up its transition to being a “comprehensive supplier of services and products”. The premium auto brand “IM” (dubbed “Zhiji Motor” in Chinese) jointly developed by SAIC Motor, Alibaba and Shanghai's Pudong New Area was formally launched on Jan. 13. Meanwhile, two concept models under “IM” were unveiled at the same time. The IM-branded vehicles will vie with the products under Dongfeng Motor's VOYAH and BAIC BJEV's ARCFOX.