SAIC Group speeds to 36th place in Fortune 500 rankings

by Autocar Pro News Desk , 23 Jul 2018

The SAIC Group, China’s largest automaker and the world’s seventh largest automaker, has announced that it has jumped to the 36th place in the world’s top 500 companies for 2018, announced by Fortune magazine.

The Group has seen a speedy rise in the global ranking over the past decade: In 2008, it was at No. 373, moving to No. 60 in 2015, 46th in 2016 and 41st in 2017. In 2017, SAIC says it further consolidated its position with sales revenue of US $128.81 billion, an increase of 13.1% over the previous year. As a result, the company’s total market capitalisation has jumped to 400 billion yuan (nearly US $60 Billion), helping it rank fourth among the global automotive industry listed companies (as of end-June 2018).

In the first six months of this year (January-July 2018), SAIC Group's vehicle sales exceeded 3.52 million units, a year-on-year increase of 10.9 percent, with growth driven by its MG (Morris Garages) and Roewe passenger-vehicle brands. The group sold 6.93 million vehicles in calendar year 2017. The company registered an overall growth of 6.8 percent over the 6.49 million vehicles sold in the last year.

The incremental sales were boosted by electrification and ‘Internet Car’ models such as the MG ZS compact SUV, MG 6 sedan and Roewe’s RX5 crossover. SAIC has aggressive plans to make full use of its own leading technology advantages by introducing new energy vehicles and new products.

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