Xin Lang Cai Jing·2025-04-12 13:24Core Viewpoint - In March, SAIC Motor regained its position as the top-selling domestic automaker in China, surpassing BYD with a sales figure of 385,700 units, compared to BYD's 377,400 units, marking a significant achievement after losing the title in 2024 [1][2] Sales Performance - SAIC Motor's sales growth in March was only 1.14%, while BYD experienced a much higher growth rate of 24.8%, indicating a stronger momentum for BYD [1] - SAIC's new energy vehicle (NEV) sales reached 125,700 units in March, a year-on-year increase of 48.22%, but the NEV penetration rate was only 32.6%, significantly lower than BYD, which had fully committed to NEVs two years ago [1] - The majority of SAIC's NEV sales came from low-priced micro electric vehicles, with the flagship model, the Zhiji car, selling only 3,100 units in March, falling short of expectations [1][5] Market Reaction - The capital market's response to SAIC's sales rebound has been muted, with the stock price closing at 15.16 yuan per share and a total market capitalization of 175.5 billion yuan, which is approximately six times less than BYD's market cap of 1.08 trillion yuan [3] - The sales figures are largely driven by low-margin models, particularly from SAIC-GM-Wuling, which accounted for over 30% of total sales with a gross margin of around 10% [3][4] Brand Performance - Among SAIC's brands, SAIC-GM-Wuling performed best in March with sales of 148,000 units, while SAIC Volkswagen and SAIC GM saw stagnant or declining sales, indicating challenges in maintaining performance in the traditional fuel vehicle segment [4] - The passenger vehicle division of SAIC reported a decline in sales to 67,839 units, down 14.14% year-on-year, with Zhiji's cumulative sales for the first three months at 7,035 units, a drop of 29.66% compared to the previous year [4][5] Strategic Adjustments - SAIC has made significant internal management changes, appointing younger executives with frontline experience to key positions, aiming to enhance operational efficiency [7] - The company is accelerating its transition towards new energy and smart vehicles, partnering with Huawei to launch a new electric vehicle series, indicating a strategic shift in product development [7][8] Competitive Landscape - Despite SAIC's efforts, the competitive pressure in the Chinese automotive market remains intense, with rivals like BYD, Xpeng, and Tesla continuously innovating in technology, product quality, and brand marketing [8] - SAIC's NEV sales growth is primarily driven by low-cost models, and the company faces challenges in increasing its market share and brand recognition in a rapidly evolving market [8]