Shanghai-based SAIC Motor is poised to scale up in Europe. The automaker said on July 4 that it saw car sales outside China grow by 40% in the first half of the year, driven mainly by the European market. It also has been looking to set up a production site in Europe.
On a media briefing on Tuesday, Yu De, general manager of SAIC's international business department, said the carmaker had planned to start exploring production sites after reaching 100,000 annual car sales in Europe, according to Gasgoo and Shanghai Securities Journal.
SAIC hit the mark in 2022 and is expected to sell more than 200,000 vehicles this year, according to Yu. The company has initiated its European production project.
Data from SAIC showed that it sold 530,000 cars outside China in the first half of 2023, a 40% growth from last year. UK-based MG reached sales of 370,000 vehicles, with half being new energy vehicles.
MG vehicles are available in 28 European countries. Yu said SAIC overseas sales target more than 1.2 million cars in 2023, with MG surpassing 800,000 cars. In the next 18 months, the brand will launch 10 models globally to create a portfolio that includes battery EVs, plug-in hybrid EVs and gasoline cars.
According to data from China Passenger Car Association, SAIC was the biggest car exporter in China for the first five months of this year. Gasgoo reported that SAIC-GM-Wuling, one of SAIC's joint ventures, signed a memorandum of understanding with the Indonesian government in April 2023 to introduce more NEVs to the market. SAIC also plans to build a new energy industrial park in Thailand.
It has been reported recently that MG's Indian subsidiary will become majority-owned by local conglomerate Jindal Southwest. According to Shanghai Securities Journal, Yu said on Tuesday that SAIC had considered adjusting the subsidiary's structure several years ago to benefit long-term growth.
Currently, the automaker is talking to local businesses about increasing capital investment and issuing new shares, he said, adding SAIC is open to any collaborations that will help its Indian subsidiary become a market leader.
