SAIC Group, China’s largest automaker and the seventh largest automaker globally, has announced that it has reached the 36th place in the world’s top 500 companies for 2018, announced by the Fortune magazine. SAIC Group has claimed to have moved up the Fortune 500 rankings in the past decade, with the 41st position in 2017, 46th in 2016 and 60th in 2015. The company stood at position number 373 a decade ago in 2008.
The SAIC Group has further consolidated its position with sales revenue of $ 128.81 bn in 2017, an increase of 13.1 % over the previous year. As a result, the company’s total market capitalisation has also jumped to 400 billion yuan (nearly $ 60 bn), ranking fourth among the global automotive industry listed companies (as of the end of June 2018).
In the first six months of 2018 (January-June), SAIC Group’s vehicle sales exceeded 3.52 mn units, a year-on-year increase of 10.9 %, with growth driven by its MG (Morris Garages) and Roewe passenger-vehicle brands. The group sold 6.93 mn vehicles in the calendar year 2017, the company added. The company registered an overall growth of 6.8 % over the 6.49 mn 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 noted. It also said it has aggressive plans to make full use of its own leading technology advantages by introducing new energy vehicles and new products.
SAIC Motor also said that it has increasingly improved its independent R&D framework and reinforced its self-owned innovation capability. It has independently mastered the core technology for new energy vehicles and has already obtained leading advantages in R&D for internet-based vehicles. After active research of 5G connectivity, the company is also developing the communication technology between vehicles; and vehicles and traffic infrastructures.
In addition to this, SAIC Motor also recently announced the inauguration of the Chinese auto industry’s first Artificial Intelligence (AI) lab. The SAIC Motor AI Laboratory, the first one of its kind in China’s auto industry, was inaugurated in Shanghai on 29 June, 2018. Based on SAIC Motor’s cloud computing and big data platforms and application scenarios, this lab is expected to develop AI applications and offer advanced AI solutions to promote the deep integration of internet technology and the auto industry, it explained. This is also said to have further boost the SAIC Group’s innovation capacity and core competitiveness.