SAIC MOTOR(SH:600104) Guan Cha Zhe Wang·2026-02-04 01:36Core Insights - SAIC Motor Corporation reported a total vehicle wholesale of 327,000 units in January, representing a year-on-year increase of 23.9%, with retail sales reaching 363,000 units [1] - The main highlights of SAIC's performance in January include the rise in sales of its own brands, stable growth in new energy vehicle (NEV) sales, and continued expansion in overseas markets [1] Domestic Sales Performance - In January, SAIC's own brand sales (including SAIC-GM-Wuling) reached 214,000 units, up 39.6% year-on-year [3] - SAIC Passenger Vehicles (including Roewe and MG brands) sold 77,000 units, marking a 53.8% increase; SAIC Maxus sold 18,000 units, up 18.2%; and SAIC-GM-Wuling sold 105,000 units, an increase of 37% [3] Joint Venture Performance - SAIC-GM's sales in January were 44,000 units, reflecting a year-on-year increase of 29.3%, while SAIC Volkswagen's sales were 68,000 units, showing a decline of 9% [4] Commercial Vehicle Sales - SAIC's commercial vehicle sales reached 20,400 units, up 21% year-on-year, with domestic sales at 11,100 units (up 28%) and overseas sales at 9,373 units (up 14%) [5] Market Share and Brand Performance - The share of SAIC's own brands (including SAIC-GM-Wuling) accounted for 65.3% of total sales, an increase of 7.3 percentage points compared to the same period last year, making it the main growth driver for the company [5] - SAIC-GM-Wuling's sales nearly accounted for half of the own brand sales, indicating strong penetration in the mainstream market [5] New Energy Vehicle Sales - SAIC's NEV sales reached 85,000 units in January, a year-on-year increase of 39.7% [9] - New models such as MG4, the new generation Zhiji LS6, and others were launched in the second half of last year, contributing to the growth in NEV sales [9] Overseas Market Expansion - The overseas market has become a new growth driver for SAIC, with sales reaching 105,000 units in January, up 51.7% year-on-year [10] - MG delivered nearly 26,000 units in Europe in January, reflecting a growth of approximately 15% [10] Global Strategy - SAIC announced its "Glocal 3.0" strategy, focusing on value creation and standard output, aiming for a full industry chain overseas [13] - The company has established multiple innovation and design centers globally, along with extensive marketing and service networks [13] Future Product Launches - Looking ahead to 2026, SAIC plans to continue launching new products across its brands, covering a wide range of market segments from mainstream sedans to luxury vehicles [14][15] - The company aims to focus on electrification, intelligence, and high-end technology to reclaim its position as the top seller in the Chinese automotive market by 2025 [18]