SSE 50 (Shanghai)
SAIC Motor
One of China's largest automakers, running 50:50 vehicle joint ventures with Volkswagen and GM while also selling its own brands including Roewe, MG, IM (Zhiji), Wuling and Baojun. It kept the domestic No.1 position with 4.507 million units sold in 2025, led by 1.643 million NEVs and 2.928 million own-brand vehicles. It sources batteries through several joint ventures with CATL.
600104.SS Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, SAIC Motor is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 10 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · approx. CN¥627B (FY2024)
- Segments · Vehicles (JV & own brands) · Parts & electronics · Finance & services
Revenue from
- 중국 소비자·수출 (자체 브랜드·합작 완성차) High confidence· Count 4,507,000대 · 2025 판매
China's largest automaker — 4.507M units in 2025 (+12.3%), 4.67M terminal retail. Runs GM/VW joint ventures (SAIC-GM, SAIC-VW) alongside own brands (Roewe, MG, IM, Wuling, Baojun); NEV 1.643M (+33.1%).Confirms EN Gasgoo Published Jan 15, 2026: SAIC Motor's 2025 sales surpass 4.5 million, driven by self-owned brands and NEVsConfirms EN SAIC Motor Published Aug 28, 2025: SAIC Motor Investor Relations — Financial Data (Annual & Interim Reports) - 해외 수출 시장 (MG·마쓰 등 자체 브랜드) High confidence· Count 2,928,000대 · 2025 자체 브랜드
Own brands (Roewe, MG, IM, Maxus, Wuling, Baojun) sold 2.928M units in 2025 (+21.6%), ~63% of group volume. China's largest auto exporter, expanding into Europe and Asia led by MG.Confirms EN Gasgoo Published Jan 15, 2026: SAIC Motor's 2025 sales surpass 4.5 million, driven by self-owned brands and NEVs
Pays to
- CATL High confidence
Sources and co-produces NEV batteries with CATL through a lithium-ion battery JV and a battery-system JV, plus CATL tie-ups at SAIC-GM and SAIC-GM-Wuling and a battery-swap JV (Jieneng Zhidian).Confirms EN Gasgoo Published Jun 20, 2025: SAIC-GM, CATL sign strategic cooperation agreement to research, develop NEV batteries - 철강·부품·전장 공급망 Medium confidence
Steel, components, power electronics and chips make up the bulk of vehicle cost. In 2024 the price war squeezed cost and gross margin, while the NEV shift raised the weight of batteries and electronics.Confirms EN SAIC Motor Published Aug 28, 2025: SAIC Motor Investor Relations — Financial Data (Annual & Interim Reports)Mentions KO Business Post Published Apr 22, 2025: China's SAIC to unveil semi-solid-state battery production EV, 530km range
Investors
- General Motors·폭스바겐 (합작 파트너) High confidence
Runs 50:50 vehicle JVs with GM (SAIC-GM) and Volkswagen (SAIC-VW), a core of China sales. The VW JV was extended to 2040 in 2024, with 18 new models (8 EVs) planned by 2030; GM operates its China business through the SAIC JV.Confirms EN Gasgoo Published Jan 15, 2026: SAIC Motor's 2025 sales surpass 4.5 million, driven by self-owned brands and NEVsConfirms EN SAIC Motor Published Aug 28, 2025: SAIC Motor Investor Relations — Financial Data (Annual & Interim Reports)Mentions KO ZDNet Korea Published May 26, 2025: China's SAIC to mass-produce solid-state batteries in 2026
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| SAIC Motor | node | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| CATL | benef1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| General Motors | benef1 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| GlobalFoundries | benef2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| LG Electronics | benef2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Samsung SDI | benef2 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| Tinci Materials | benef2 | +68.3 | +5.6 | -61.4 | -0.7 | +124.2 | -1 |
| Ronbay Technology | benef2 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| LG Energy Solution | benef2 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
China's largest automaker, adding own brands (Roewe, MG, IM, Wuling) to 50:50 JVs with Volkswagen and GM, which held the domestic No.1 spot with 4.507M units in 2025. The thesis is a shift in the axis of growth — as JV brands lose ground in China's price war and NEV transition, own brands (63% of the group, +21.6%), exports (led by MG) and NEVs (1.64M, +33%) take over as the drivers. Risks are price-war margin pressure and JV restructuring, and in graph terms SAIC's NEV expansion ripples into suppliers like its CATL battery JVs.
Analysis generated from returns as of 2026-07-10