SAIC Motor Q3 2026 Revenue Falls 7.6% to CNY 156.57B

SAIC Motor Corporation Limited (SAIC Motor) released its third-quarter 2026 financial report on October 30, reporting lower revenue and profitability compared with the corresponding period last year. Total operating revenue for Q3 2026 reached CNY 156.57 billion, representing a 7.6% year-over-year (y/y) decline. Net profit attributable to owners of the parent stood at CNY 490 million, down 76.7% y/y. Net cash flow from operating activities amounted to CNY 2.0 billion, decreasing 81.7% y/y, reflecting considerable changes in the company's quarterly financial performance.

For the first three quarters of 2026, SAIC Motor recorded total operating revenue of CNY 455.22 billion, down 2.9% y/y. Net profit attributable to owners of the parent reached CNY 5.64 billion, representing a 30.4% decline compared with the same period in 2025. In contrast, net cash flow from operating activities increased 76.3% y/y to CNY 56.3 billion, indicating a substantially different cash flow trend over the nine-month reporting period compared with the third quarter alone.

According to the financial report, the decline in net profit attributable to owners of the parent during both Q3 and the first three quarters of 2026 was primarily associated with capital market conditions, changes in the fair value of financial assets, and foreign exchange losses arising from overseas operations. Meanwhile, the year-over-year fluctuations in net cash flow from operating activities were mainly attributable to adjustments in financial asset allocation undertaken by SAIC Motor's subsidiary, Shanghai Automotive Group Finance Co., Ltd. (SAIC Finance). These allocation adjustments resulted in quarter-to-quarter variations in operating cash flow.

Group-wide Vehicle Sales

SAIC Motor sold a total of 3,147,080 vehicles during the first three quarters of 2026, representing a 1.5% y/y decrease. Despite the slight decline in overall group-wide sales, the company's overseas business and new energy vehicle operations recorded substantial growth. Overseas sales reached 1,165,588 units, increasing 52.4% y/y and exceeding SAIC Motor's total overseas sales for the full year of 2025. Meanwhile, new energy vehicle (NEV) sales amounted to 1,388,320 units, up 28.2% y/y, highlighting the growing contribution of electrified vehicles to the company's overall sales performance.

Overseas Passenger Vehicle Market Expansion

Europe continued to be SAIC Motor's largest overseas regional market during the first three quarters of 2026, supported by the performance of its MG brand. MG sales in the region exceeded 280,000 units, representing a 23% y/y increase. The brand also recorded 18,000 vehicle sales in the UK in September alone, with electrified vehicles accounting for 91.6% of the total. This electrified vehicle category included battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs), demonstrating the significant contribution of these powertrain technologies to MG's UK sales.

Alongside strengthening its position in Europe, SAIC Motor continued expanding its passenger vehicle business into additional international markets. Across 18 markets in Central America and the Caribbean, MG brand sales increased 86% y/y during the first three quarters of 2026. This regional growth reflects the company's efforts to broaden its international market presence beyond its established European operations while increasing sales across multiple overseas markets.

Overseas Commercial Vehicle Market Expansion

SAIC Motor's commercial vehicle business also recorded strong overseas sales momentum. In September 2026, overseas commercial vehicle sales reached 18,395 units, setting a new record and representing a 120% y/y increase. The company also reported that nearly 100,000 of its commercial vehicles were currently operating across Europe, indicating the scale of its existing presence in the regional market. These developments form part of SAIC Motor's broader efforts to expand its commercial vehicle operations and strengthen its international business activities.

To support its European commercial vehicle operations, SAIC Motor plans to establish three strategic hubs across the region. The proposed facilities include a technical support center in Frankfurt, Germany, a training center in the UK, and a parts logistics center in Poland. In addition, SAIC Maxus has officially established its direct operations in Germany. The establishment of these operations and planned regional facilities is intended to further strengthen the company's localized service capabilities and support its commercial vehicle business in Europe.

Industry Impact & Outlook

SAIC Motor's Q3 2026 results highlight the contrast between declining financial profitability and continued expansion across its international vehicle businesses. Although revenue and net profit decreased, overseas sales and NEV deliveries recorded year-over-year growth, with overseas volumes exceeding the company's full-year 2025 total within the first nine months of 2026. MG's performance in Europe and emerging markets, alongside the expansion of commercial vehicle operations, demonstrates the importance of international markets to the group's sales activities. The planned European technical, training, and logistics hubs also indicate a focus on strengthening localized commercial vehicle support infrastructure.

Frequently Asked Questions

1. What were SAIC Motor's financial results in Q3 2026?
SAIC Motor reported operating revenue of CNY 156.57 billion and net profit attributable to owners of the parent of CNY 490 million in Q3 2026. Revenue declined 7.6% year-over-year, while attributable net profit decreased 76.7%. Net cash flow from operating activities reached CNY 2.0 billion, down 81.7% compared with the corresponding quarter of 2025. The company's financial report attributed the profitability decline primarily to capital market conditions, changes in the fair value of financial assets, and foreign exchange losses from overseas operations.

2. How did SAIC Motor perform during the first three quarters of 2026?
SAIC Motor recorded total operating revenue of CNY 455.22 billion and net profit attributable to owners of the parent of CNY 5.64 billion during the first three quarters of 2026. Revenue decreased 2.9% year-over-year, while attributable net profit declined 30.4%. However, net cash flow from operating activities increased 76.3% to CNY 56.3 billion. The company also sold 3,147,080 vehicles during this period, including 1,165,588 overseas units and 1,388,320 new energy vehicles.

3. How many vehicles did SAIC Motor sell overseas in the first three quarters of 2026?
SAIC Motor recorded overseas vehicle sales of 1,165,588 units during the first three quarters of 2026, representing a 52.4% year-over-year increase. This volume exceeded the company's total overseas sales for the full year of 2025. The growth was supported by its international passenger vehicle and commercial vehicle businesses. Europe remained the company's largest overseas regional market, while MG also recorded substantial sales growth across 18 markets in Central America and the Caribbean.

4. How did SAIC Motor's NEV sales perform in 2026?
SAIC Motor sold 1,388,320 new energy vehicles during the first three quarters of 2026, representing a 28.2% year-over-year increase. The company's NEV performance included the contribution of electrified vehicles sold under its MG brand. In the UK, MG recorded 18,000 vehicle sales in September, with electrified vehicles accounting for 91.6% of the total. This category included battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.

5. What are SAIC Motor's plans for expanding its European commercial vehicle business?
SAIC Motor plans to establish three strategic hubs in Europe to strengthen support for its commercial vehicle operations. These facilities will comprise a technical support center in Frankfurt, a training center in the UK, and a parts logistics center in Poland. Additionally, SAIC Maxus has officially established direct operations in Germany to enhance its localized service capabilities. The company reported that nearly 100,000 of its commercial vehicles were already operating across Europe, while its September overseas commercial vehicle sales reached a record 18,395 units.