Jing Ji Guan Cha Bao·2025-10-25 11:09Core Viewpoint - The Chinese automotive market is experiencing a shift, with SAIC Motor Corporation regaining its position as the top-selling automaker in September, surpassing BYD. This change highlights the competitive dynamics between traditional fuel vehicles and new energy vehicles, raising questions about the underlying value of SAIC's sales growth compared to BYD's consistent performance in the electric vehicle sector [1]. Group 1: SAIC's Sales Performance - In September, SAIC Motor's sales reached 439,700 units, a year-on-year increase of 40.39%, while BYD sold 396,200 units [1]. - SAIC's joint venture segment, particularly SAIC-GM, showed significant recovery, with September sales of 49,400 units, up 124.38% year-on-year [2]. - The overall sales of SAIC-GM from January to September totaled 381,000 units, reflecting a 36.7% year-on-year growth [2]. Group 2: Joint Venture Contributions - SAIC-GM's recent product launches, including the Buick Electra L7, have contributed to its sales resurgence [2]. - SAIC Volkswagen also reported sales of 94,000 units in September, a slight increase of 0.09% year-on-year, with a notable recovery in its main fuel vehicle series [2]. Group 3: Self-owned Vehicle Segment - The self-owned vehicle segment of SAIC, which includes brands like MG and Roewe, accounted for over 60% of total sales, but profit contributions remain lower than those from joint ventures [3]. - In September, the total sales of MG and Roewe reached 93,700 units, marking a year-on-year increase of 72.36% [4]. Group 4: Strategic Shifts in Self-owned Brands - MG has shifted its strategy towards entry-level electric vehicles, with the new MG4 model achieving over 45,000 pre-orders within 24 days of its announcement [4]. - Roewe's new model, the Roewe M7DMH, launched at a competitive price, has driven a 37% increase in sales for the brand [5]. Group 5: New Brand Developments - The new smart electric brand, Shangjie, launched its H5 model with a pre-sale price starting at 159,800 yuan, aiming to compete in the market [6]. - The H5 model has already received over 160,000 pre-orders, indicating strong initial interest [7]. Group 6: Market Challenges and Future Outlook - Despite the positive sales figures, challenges remain for SAIC's self-owned brands, including the need for differentiation in a competitive market and effective marketing strategies [7]. - The performance of the new generation of models, such as the Zhiji LS6, will be crucial for the brand's future success, with over 52% of orders coming from traditional fuel vehicle users [8].