On Monday, electric vehicle manufacturer Tesla posted its 2021 half-year results, which indicated that the US company sold about 200,000 EVs in the second quarter of the year, yielding $12 billion, up by $6 billion from last year. In an update to investors, the company stated that Q2 profits soared to $1.1 billion, up from the $104 million from last year. The very impressive numbers by Tesla seem to be replicated by Chinese EV maker SAIC-GM.
SAIC-GM-Wuling Automobile recently reported its mid-year performance with the overall sale of its vehicles above 884,000 within the first six months of 2021. The result also indicated that there was a 39.5% surge in sales year-on-year. The company also had positive growth for the fifteenth consecutive month. SAIC-GM produces the Wuling and Baojun brands, and the two account for the massive sales.
Last year, the global EV market experienced reduced sales due to the coronavirus pandemic and the global chip shortage. The global EV market has shown a rebound from last year’s decline, as more persons embrace the sustainable environmental solutions posed by electric vehicles. The bulk of the EV sales for SAIC-GM came from the Wuling brand, which accounted for 693,351 units, while the Baojun brand ramped 123,057 units within the first half of 2021. The company also reported a total export of 74,225 cars and recorded positive growth for the six consecutive months of the year.
SAIC-GM-Wuling is riding on the tide of a solid performance in China, the world’s largest and fastest-growing EV market. It is squaring up against Tesla with its impressive EV models, as its cars are significantly cheaper than Tesla’s. The data shows that Wuling’s Hongguang MINIEV is still a hot-sellling model as the brand sold 182,767 units in the first half of the year, an average of 1,000 vehicles per day.
The outlook remains bright for the company as it continues to evolve strategies to expand the coverage for its budget electric vehicles. However, in terms of revenue, it will have to sell a lot more to equal Tesla’s declared financial turnover.
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