In-Depth Analysis Report on SAIC Motor's 2025 Sales Volume

Now I will provide you with a systematic and comprehensive in-depth analysis report on SAIC Motor’s 2025 sales volume.

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According to official data released by SAIC Motor, the company sold a total of

in 2025, representing a year-on-year increase of , and its terminal retail sales reached , maintaining its leading position in China’s automotive industry [0][1]. This achievement is hard-won amid the complex and volatile market environment of 2025, demonstrating the development resilience of SAIC as China’s largest automotive group.

Indicator	Value	Year-on-Year Change
Annual Wholesale Vehicle Sales	4.507 million units	+12.3%
Terminal Retail Sales	4.67 million units	Maintained leading position
Self-Owned Brand Sales	2.928 million units	+21.6%
Proportion of Self-Owned Brands	65%	Increased by 5 percentage points
New Energy Vehicle Sales	1.643 million units	+33.1%
Overseas Market Sales	1.071 million units	+3.1%

However, the single-month sales data for December 2025 has released a warning signal: the company sold

in the month, a year-on-year decline of [0][2]. This decline rate is significantly higher than the industry average, and it is a rare month of negative growth throughout the year.

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• SAIC Passenger Vehicle Co., Ltd.
  : Sold 96,951 units in December, with a year-on-year increase of
  25.23%
  , and a full-year increase of
  25.42%
  [0]
• SAIC Maxus
  : Sold 17,451 units in December, with a year-on-year increase of
  84.45%
  , and a full-year increase of
  25.14%
  [0]
• IM Motors
  : Sold 11,818 units in December, with a year-on-year increase of
  47.67%
  , and a full-year increase of
  23.68%
  [0]

• SAIC Volkswagen
  : Sold 87,870 units in December, with a year-on-year decline of
  32.40%
  , and a full-year decline of
  10.81%
  [0][2]
• SAIC General Motors
  : Sold 47,750 units in December, with a year-on-year decline of
  25.41%
  , and a full-year increase of
  22.99%
  [0]
• SAIC-GM-Wuling
  : Sold 123,372 units in December, with a year-on-year decline of
  31.29%
  , and a full-year increase of
  20.52%
  [0]

: The sales decline in December was mainly caused by , while self-owned brands achieved strong growth instead. This reflects that the transformation pains of SAIC Motor, characterized by “the rise of self-owned brands and pressure on joint ventures”, are intensifying.

China’s automotive market is undergoing a historic transformation from “joint venture-led” to “self-owned brand-led”. In 2025, the penetration rate of new energy vehicles continued to rise, and the market share of fuel vehicles was rapidly eroded, while joint venture brands lagged behind in electrification transformation [1][2].

The price war in the automotive market continued to intensify in 2025. Joint venture brands were forced to participate in price cuts to maintain market share, but their profitability was severely squeezed. SAIC Volkswagen has seen sales decline for three consecutive years, with full-year sales of only 1.024 million units in 2025 [2].

Some joint venture brands are in the product replacement cycle, and sales have naturally declined during the transition between old and new models.

As the final month of the year, automotive dealers typically carry out the following in December:

• Inventory Clearance
  : Clear inventory to achieve annual targets
• Annual Settlement
  : Part of the sales volume may be shifted to January of the following year
• Production Capacity Adjustment
  : Year-end factory maintenance affects delivery rhythm

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In 2025, the proportion of SAIC’s self-owned brand sales reached

, an increase of 5 percentage points compared to 2024 [0][1][3], which is a milestone structural breakthrough.

Year	Proportion of Self-Owned Brands	Proportion of Joint Ventures
2023	55%	45%
2024	60%	40%
2025	65%	35%

• IM Motors
  : Cumulative full-year sales reached 81,000 units, with monthly sales exceeding 10,000 units for four consecutive months since September [1]
• SAIC Passenger Vehicle
  : Full-year retail sales reached 919,000 units, with a year-on-year increase of over 12%, among which new energy retail sales increased by 22% year-on-year [1]
• Wuling Hongguang MINIEV
  : Full-year sales reached 436,000 units, and it has ranked first in A00-class new energy vehicle sales for 65 consecutive months [1]

• The MG brand’s sales in the European market exceeded
  300,000 units
  in 2025, with a year-on-year increase of nearly 30% [1][3]
• SAIC’s cumulative overseas sales have exceeded 6 million units, with products and services available in more than 170 countries and regions around the world [3]

SAIC implemented

of its self-owned brand passenger vehicle and commercial vehicle businesses, connecting the entire chain of product definition, R&D, production, and marketing, making its organizational structure closer to user needs and more responsive to the market [0][3].

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According to an analysis by Phoenix Auto, SAIC Motor comprehensively deepened reforms in the following areas in 2025 [3]:

Reform Area	Key Initiatives	Results
Organizational Structure	Integrated management of self-owned brands	Improved decision-making efficiency
Technical Cooperation	In-depth cooperation with CATL and Huawei	Enhanced technical strength
Product Layout	Intensive launch of new models	Improved product matrix
Overseas Strategy	Shift from “product export” to “standard export”	Enhanced global competitiveness
User Operations	Implementation of the “Know Cars, Know You Better” concept	Increased user stickiness

✅

: The proportion of self-owned brands increased to 65%, aligning with the general trend of electrification transformation
✅ : New energy vehicle sales reached 1.643 million units, with a year-on-year increase of 33.1%, hitting a record high [0][1]
✅ : Net profit in the third quarter reached RMB 20.8 billion, a substantial year-on-year increase of 644.9% [3]
✅ : Achieved breakthrough progress in the European market, with enhanced influence of the MG brand

⚠️

: SAIC Volkswagen has seen sales decline for three consecutive years, and transformation still takes time
⚠️ : Although profit surged in the third quarter, full-year profitability remains to be seen
⚠️ : The sharp sales decline at the end of the year indicates that market pressure still exists

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The sharp sales decline of joint venture brands in December (up to 32.4%) indicates that

, and the market pressure faced by joint venture brands will not disappear in the short term [2].

Although SAIC achieved an overall growth of 12.3%, its internal structure shows a differentiation pattern of “strong self-owned brands, weak joint ventures”, indicating that

, and investors need to pay attention to structural opportunities.

The sharp sales decline at the end of the year may affect the start of 2026, and

will become important tasks at the beginning of the year.

• The proportion of self-owned brands is expected to further increase to over 70%
• The new energy vehicle sales target is expected to exceed 2 million units
• The overseas market, especially the European market, is expected to continue to grow
• Cooperation with technology companies such as Huawei may bring new product breakthroughs

• If joint venture brands continue to decline, it may affect overall profit performance
• The price war in the automotive market may further intensify
• Global supply chain uncertainties still exist
• Fluctuations in consumer demand may affect sales performance

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Based on the latest data, the current valuation of SAIC Motor (600104.SH) is as follows [0]:

Indicator	Value	Industry Comparison
Price-to-Earnings Ratio (P/E)	61.12x	Relatively high
Price-to-Book Ratio (P/B)	0.59x	Relatively low
ROE	0.98%	Relatively low
Net Profit Margin	0.43%	Relatively low

: SAIC Motor’s current P/B ratio is only 0.59x, which is in the historical low range, reflecting the market’s pricing of the uncertainty of traditional automotive companies’ transformation. However, from another perspective, this may also provide an .

• Structural growth opportunities brought by the increase in the proportion of self-owned brands
• Rapid growth of the new energy vehicle business
• Valuation repair potential (P/B < 1)
• Incremental space brought by overseas market expansion

• Negative impact of the continued decline of joint venture brands
• Industry price wars erode profits
• Electrification transformation progress falls short of expectations
• Macroeconomic fluctuations affect consumer demand

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1. Initial Reform Results Achieved
   : SAIC Motor’s proportion of self-owned brands reached 65% in 2025, with new energy vehicle sales increasing by 33.1%, marking phased results in reform efforts [0][1].

2. Intensified Structural Differentiation
   : The 17.3% sales decline in December was mainly caused by the sharp decline of joint venture brands, while self-owned brands achieved strong growth instead, showing obvious structural differentiation characteristics [0][2].

3. Continued Transformation Pains
   : The market pressure faced by joint venture brands will not disappear in the short term, and SAIC needs to continue to promote transformation to cope with challenges [2][3].

4. Medium- to Long-Term Value Promising
   : Driven by self-owned brands and new energy businesses, SAIC is expected to transform from “large but not strong” to “both large and strong”.

• Short-Term
  : Pay attention to the stabilization signals of joint venture brands and sales recovery at the beginning of the year
• Medium-Term
  : Focus on structural opportunities brought by the increase in the proportion of self-owned brands
• Long-Term
  : Monitor the progress of cooperation with technology companies such as Huawei and overseas market expansion

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[0] SAIC Motor Official Sales Data (https://www.saicmotor.com/chinese/tzzgx/jbqk/xssj/index.shtml)

[1] Gasgoo - SAIC Motor’s 2025 Sales Exceed 4.5 Million Units (https://i.gasgoo.com/news/70441218.html)

[2] Aikahao - Sold 1.024 Million Units in 2025, Third Consecutive Year of Decline (https://aikahao.xcar.com.cn/item/3729528.html)

[3] Phoenix Auto - SAIC’s 2025: Overcoming Numerous Challenges (https://auto.ifeng.com/c/8pdtG0aXB3K)

[4] Shanghai Observer - SAIC Motor’s 2025 Wholesale Sales Exceed 4.5 Million Units (https://www.shobserver.com/staticsg/res/html/web/newsDetail.html?id=1046461&sid=11)

[5] Jiefang Daily - SAIC Releases 2025 Sales Data (https://www.jfdaily.com/news/detail?id=1046779)