SAIC Motor, which owns MG, which is at the top of the list, weird, right?
SAIC Motor, ranked 93rd on Fortune’s 2024 Global 500 list, stands out with a consolidated revenue of $105.2 billion for 2023, leading among Chinese automotive firms. The company first appeared on the list in 2004, entered the top 100 in 2014, and has remained there for the past 11 years. However, on the top of the list is MG, which SAIC Motor owns. What is that about?
For the last 12 years, SAIC Motor has consistently been among the global top ten automotive companies. In 2023, SAIC Motor intensified its innovation efforts, particularly in independent brands, new energy vehicles, and international markets. The company sold 5.021 million vehicles, maintaining its leadership position in China.
Moreover, notably, 2.775 million of these were from independent brands, representing over 55 percent of total sales. It also sold 1.123 million new energy vehicles, leading globally in this sector. Additionally, SAIC Motor’s international sales reached 1.208 million vehicles, making it the top domestic exporter for eight consecutive years.
In the first half of 2024, SAIC Motor continued its strong performance with 1.264 million vehicles from independent brands, 522,000 new energy vehicles (a 29.5 percent year-on-year increase), and 554,000 units sold overseas (a 13.9 percent increase).
On top of that, SAIC Motor’s growth is underpinned by substantial investment in research and development, totaling nearly USD21 billion over the past decade. This investment has yielded over 26,000 patents and the development of advanced technologies known as the “Seven Major Technical Pillars.”
Recently, SAIC Motor introduced “Seven Major Technical Pillars 2.0,” which will support the launch of nearly 30 new models in the next two years. Innovations include the DMH Super Hybrid System, which integrates efficient engines, transmissions, and batteries for superior performance and fuel economy.
What’s more, the MG3 HEV, using HEV technology, has been launched in Europe to address EU anti-subsidy tariffs, demonstrating low fuel consumption and emissions. The company is also advancing battery technology with the “Guang Nian” Solid-State Battery, which will power the IM L6 with an energy density over 300Wh/kg and a range exceeding 1,000km.
Newer solid-state batteries with densities over 400Wh/kg are expected soon. SAIC Motor has also launched IM City NOA, a high-end autonomous driving system with nationwide capabilities, becoming the only Chinese automaker with two licences for intelligent connected vehicle technology.
