SAIC Motor Q1 2026: Wholesale Sales Up 3% to 973,000 Units, Cash Flow Soars 700%

SAIC Motor released its first-quarter 2026 financial report. From January to March, the company reported wholesale vehicle sales of 973,000 units, up 3% year-on-year. Revenue reached RMB 138.52 billion, a slight increase of 0.61%. Net profit attributable to shareholders was RMB 3.03 billion, up 0.09%. The most striking figure was operating cash flow of RMB 31.99 billion, a staggering 699.67% year-on-year increase.

In a market where total passenger car retail sales fell 24% in April, SAIC’s 3% growth in Q1 significantly outperformed the industry. The growth was driven by stabilising joint ventures (SAIC Volkswagen, SAIC-GM) and rising self‑owned brands (Roewe, MG, IM, Feifan). MG continued its strong performance in overseas markets, especially Europe and Australia.

Revenue growth lagged behind sales growth due to industry‑wide price wars, which squeezed average vehicle prices. Nevertheless, SAIC managed to keep net profit flat. The standout metric was operating cash flow — up sevenfold — reflecting improved inventory management, faster receivables collection and better payment terms with suppliers. This cash hoard provides ample firepower for future price competition, R&D and overseas expansion.

With new models such as the IM L6, Buick Century and Roewe Jiyue 07 rolling out after the Beijing Auto Show, supported by national trade‑in policies and the May Day holiday sales season, SAIC expects further recovery in Q2. While profitability remains under pressure, SAIC‘s strong cash position makes it a resilient player in the ongoing EV transition.