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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  SAIC Motor Corporation Limited    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
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Cadillac, Buick help GM to first China sales growth in two years

10/12/2020 | 03:23am EST
FILE PHOTO: The GM logo is pictured at the General Motors Assembly Plant in Ramos Arizpe, Mexico

BEIJING (Reuters) - General Motors Co (GM) on Monday said continued market recovery from the COVID-19 crisis helped its China vehicle sales grow 12% on year in July-September, marking the Detroit automaker's first Chinese quarterly sales growth in two years.

The second-biggest foreign automaker in China by units - after Germany's Volkswagen AG - said on Monday it delivered 771,400 vehicles in China in the third quarter. That followed a 5% fall in the second quarter, when parts of China were still emerging from virus-busting lockdown measures.

GM has a Shanghai-based joint venture with SAIC Motor Corp Ltd making Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group, producing no-frills mini-vans and which has started manufacturing higher-end cars.

Sales rose 26% for cars under its mass-market Buick brand in the third quarter versus the same period a year earlier, while those of premium brand Cadillac jumped 28%, GM said in a statement. Sales of its mass-market Chevrolet marque fell 20%.

Sales of no-frills brand Wuling grew 26%, whereas those of mass-market Baojun vehicles tumbled 19%.

"GM's compact models returned to four-cylinder engines and that helped sales growth," said LMC Automotive senior analyst Alan Kang, referring to an attempt to market cleaner but noisier three-cylinder versions. "Cadillac also has a more complete lineup this year."

China's biggest automakers' association expects overall car sales to grow by double digits in July-September versus a year earlier. Makers such as Toyota Motor Corp, Honda Motor Co Ltd and Geely Automobile Holdings Ltd saw sales jump in the just-finished quarter.

GM has seen its China sales suffer in a crowded market and slowing economy. To revive its fortunes, it plans to have electric vehicles (EVs) make up over 40% of new models in the next five years in China, where the government promotes greener cars.

The automaker's Wuling Hong Guang MINI EV, a micro two-door EV with a starting price of 28,800 yuan ($4,200), was China's biggest-selling EV in August.

GM's sales fell 15% in 2019 from a year earlier to 3.09 million vehicles. The automaker delivered 3.65 million vehicles in 2018 and 4.04 million in 2017.

(Reporting by Yilei Sun and Brenda Goh; Editing by Christopher Cushing and Jacqueline Wong)

By Yilei Sun and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED 2.18% 21.05 End-of-day quote.38.12%
GENERAL MOTORS COMPANY 0.70% 44.4 Delayed Quote.21.31%
HONDA MOTOR CO., LTD. 1.46% 3130 End-of-day quote.1.00%
SAIC MOTOR CORPORATION LIMITED -1.48% 25.24 End-of-day quote.5.83%
TOYOTA INDUSTRIES CORPORATION 0.38% 7880 End-of-day quote.24.49%
TOYOTA MOTOR CORPORATION 0.24% 7181 End-of-day quote.-6.91%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5155 Delayed Quote.-6.12%
VOLKSWAGEN AG -0.45% 145.42 Delayed Quote.-17.49%
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Financials
Sales 2020 757 B 116 B 116 B
Net income 2020 23 347 M 3 575 M 3 575 M
Net cash 2020 43 539 M 6 667 M 6 667 M
P/E ratio 2020 12,6x
Yield 2020 3,43%
Capitalization 293 B 44 884 M 44 888 M
EV / Sales 2020 0,33x
EV / Sales 2021 0,28x
Nbr of Employees 216 360
Free-Float 22,3%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 26,32 CNY
Last Close Price 25,24 CNY
Spread / Highest target 42,6%
Spread / Average Target 4,28%
Spread / Lowest Target -39,1%
EPS Revisions
Managers
NameTitle
Xiaoqiu Wang President & Director
Hong Chen Chairman
Bai Ping Bian Chairman-Supervisory Board
Yong Wei Chief Financial Officer & Board Secretary
Bao Xin Jiang Member-Supervisory Board
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