SAIC MOTOR(SH:600104) Zhong Guo Jin Rong Xin Xi Wang·2025-07-17 11:37Core Viewpoint - SAIC-GM is transitioning into a full-scale offensive in the new energy vehicle market, with the launch of its first model under the Buick sub-brand "Zhijing" aimed at redefining luxury standards in the 300,000 RMB segment [1][2]. Group 1: Company Strategy and Performance - SAIC-GM has achieved a year-on-year sales increase of 8.64% in the first half of 2023, with a total wholesale volume of 245,000 vehicles [3][4]. - The Buick GL8 family has become the best-selling MPV in the first half of 2023, with sales nearing 60,000 units, reflecting a 37.4% year-on-year growth [3]. - The company has maintained profitability for three consecutive quarters since Q4 2024, with Buick's average transaction price increasing by 50,000 RMB to 210,000 RMB [4]. Group 2: Market Challenges and Responses - SAIC-GM faced significant challenges in 2023-2024, including high inventory levels and declining market share due to changing consumer trends [4][5]. - The company has implemented a "big product strategy" to streamline its offerings and reduce redundant production capacity by 15% [6]. - A shift to a "one-price" sales policy has improved efficiency and reduced inventory levels, with a target of cutting over 200,000 units of inventory in 2024 [7]. Group 3: Technological Advancements - The upcoming Buick Zhijing L7 model will be the first globally to feature the Momenta R6 flying wheel model and a smart cockpit controller based on Qualcomm's SA8775P chip [9]. - The L7 will utilize a self-developed range-extending system, with a motor output of 252 kW and a dedicated 1.5T hybrid engine producing 115 kW and 230 Nm of torque [9]. - The company has established a fully local R&D team, allowing for 100% autonomy in product definition and development [7][8]. Group 4: Future Outlook - SAIC-GM plans to launch over 10 new energy products by 2026, aiming for a penetration rate of over 60% in new energy vehicles by 2027 [11]. - The company will continue to innovate in both electric and fuel vehicle segments, with a commitment to profitability and sustainable business practices [11][12].