China’s Shanghai Automobile (SAIC Motor Corp) announced that it has set its overseas sales target for 2024 at 1.35 million vehicles, up 12 percent from the previous year, and 1.5 million for 2025. SAIC revealed plans to launch 14 new energy vehicles into the global market over the next two years. Furthermore, SAIC’s premium brands such as IM Motors and Rising Auto will also make their global debuts.
In December 2023, SAIC sold 636,966 vehicles, of which 141,327 vehicles were exported, accounting for 22% of the total sales. The total new car sales in 2023 were down 5.31% year-on-year to 5.02 million units. Overseas exports and sales in 2023 were up 18.75% to 1.208 million units.
Achieving 2024 overseas targets means SAIC’s overseas sales will increase by about 12% this year.
Currently, SAIC has three R&D centers in Silicon Valley, London, and Tel Aviv, as well as four vehicle manufacturing plants in Thailand, Indonesia, India, and Pakistan. SAIC has announced that it will be able to accommodate more than 500,000 vehicles annually by adding a total of 12 car carriers by 2026.
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