SAIC Group targets 1.35 million overseas sales in 2024, high-end brands IM and Feifan to expand globally

Reading Time: 2 minutes

News like this to your inbox or phone?

Weekly summary to your inbox

Never miss and important news

Get Instant notification once the news is published.

On January 17th, Zhao Aimin, Deputy General Manager of SAIC International, announced that SAIC Group has set its overseas sales target 2024 at 1.35 million units, with a further goal of 1.5 million units in 2025. Zhao emphasized the group’s capacity to aim for higher targets but stressed the importance of steady progress.

- Advertisement -

SAIC plans to leverage the centenary of its MG brand to promote its global presence, focusing on sales-driven brand publicity. SAIC’s new energy vehicle (NEV) products are currently marketed as “global cars.” Over the next two years, SAIC is set to launch 14 new NEV models worldwide.

SAIC’s high-end brands, including IM and Feifan, are also poised for global expansion. These brands may adopt different presentation strategies in international markets.

- Advertisement -

In 2023, SAIC Group sold 5.02 million vehicles, maintaining its position as China’s top automaker for the eighteenth consecutive year. Its overseas sales reached 1.208 million units, marking a record 18.8% year-on-year increase and leading the domestic industry for the eighth year.

This achievement sets the stage for an 11.75% increase in overseas sales for SAIC Group in 2024, building on its consecutive eight-year lead in domestic sales.

Regarding sales structure, in 2023, SAIC Group’s independent brand sales totaled 2.775 million units, accounting for over 55% of the total sales volume. This figure represents a 2.5% increase from 2022. The group also reported a 4.6% year-on-year growth in NEV sales, totaling 1.123 million units and ranking second among domestic automakers.

- Advertisement -

SAIC’s current overseas sales strategy mainly uses the acquired MG brand to expand overseas sales. It will use its joint venture with GM, SAIC-GM-Wuling, to develop emerging markets such as Southeast Asia. Later, independent brands such as Zhiji and Feifan will be promoted overseas.

At present, SAIC is still China’s largest automobile group, but nearly half of its sales come from joint venture brands. Its own brand sales are still less than BYD.

Source: RoyalFlush; iTHome

- Advertisement -
- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -