SAIC's 2024 Overseas Sales Targets 1.35M Vehicles, Accelerating International Expansion

Automotive Author: Muriel Meng Editor: Yiru Qian Jan 18, 2024 04:30 PM (GMT+8)

Chinese automakers are accelerating their expansion into international markets, continuously expanding the market for independent brands.

SAIC refused to close the curtain

SAIC Motor Group, one of China's leading automotive manufacturers, has set ambitious targets for its overseas sales in the coming years.

According to recent statements by Zhao Aimin, the Secretary of the Party Committee and Deputy General Manager of SAIC International, the company aims to achieve sales of 1.35 million vehicles abroad in 2024 and increase it further to 1.5 million vehicles in 2025. Furthermore, SAIC's high-end brands, including IM Auto (Chinese: 智己汽车) and Rising Auto (Chinese: 飞凡汽车), will also make their way into the global market.

According to SAIC Group's previous sales performance, SAIC Group sold a total of 5.02 million vehicles in 2023, maintaining its position as the top domestic automotive seller for the 18th consecutive year. Additionally, its overseas sales reached 1.208 million vehicles in 2023, representing a remarkable year-on-year growth of 18.8%.

From the perspective of market segments, SAIC achieved sales of over 250,000 vehicles in the European market in 2023, nearly 100,000 vehicles in the Australia and New Zealand region, over 300,000 vehicles in the Americas, and more than 100,000 vehicles in both the Middle East and ASEAN regions.

In terms of brand distribution, SAIC Group's domestic sales abroad were dominated by its independent brands, accounting for nearly 92% of the total, while sales of new energy vehicles accounted for nearly 24%. Among them, the "MG4 EV," the first global car based on Modular Scalable Platform, landed in over 80 countries across six continents and became the best-selling compact pure electric vehicle in the European market in 2023.

To achieve its overseas sales targets in 2024, SAIC Group plans to make efforts from multiple aspects. Firstly, taking advantage of the 100th anniversary of the MG brand, SAIC will carry out global brand promotion, especially highlighting the performance of its first global car, the MG4 EV, to enhance the company's brand and product competitiveness.

Secondly, SAIC will continue to focus on introducing new products. Over the next two years, the company plans to launch 14 new energy vehicles globally, meeting the demands of global consumers based on global standards. In 2023, SAIC sold a total of 1.123 million new energy vehicles, a year-on-year increase of 4.6%, ranking second among domestic automakers. All of SAIC's new energy vehicle products are currently positioned as "global cars."

Thirdly, SAIC Group aims to promote its high-end brands, such as IM Auto and Rising Auto, to enter the global market. By leveraging multiple efforts, the company seeks to achieve its new overseas sales targets.

Regarding the overall industry situation, in December 2023, China's automobile exports reached 499,000 vehicles, an increase of 54.3% compared to the previous year and a 3.5% increase from the previous month. China's total automobile exports in 2023 reached 4.91 million vehicles, a strong year-on-year increase of 57.9% dramatically. Among them, passenger car exports in 2023 reached 4.14 million vehicles, with an impressive year-on-year growth of 63.7%, contributing significantly to the overall export growth. According to data released by the China Association of Automobile Manufacturers (CAAM) for 2023, Chinese automakers achieved both production and sales exceeding 30 million vehicles, reaching a historical record high. China has thus become the world's largest automobile exporter.