Shanghai (ZXZC)- SAIC Motor announced on Thursday that its gross revenue reached roughly 196.787 billion yuan in the third quarter (Q3) of this year, sliding 6.92% from the previous year.

During the same period, the auto group saw its quarterly net profit attributable to shareholders drop 24.69% year over year to 4.322 billion yuan. Excluding the impact of certain non-recurring gains and losses, its Q3 net profit belonging to shareholders still shrank 16.12% over a year earlier to around 3.802 billion yuan.

Rising Auto's F7; photo credit: Rising Auto

For the first three quarters (Q1-Q3) of this year, SAIC Motor recorded gross revenue of about 523.342 billion yuan, edging down 0.77% from the year-ago period. Meanwhile, its Q1-Q3 net profit attributable to shareholders dipped 9.82% over the previous year to 11.407 billion yuan.

According to the monthly sales results SAIC Motor issued earlier this month, the group sold 3,377,352 vehicles by wholesale in the first nine months of 2023, falling 10.42% compared to the same span of last year.

Despite the year-on-year decline in Q1 and Q1-Q3 indicators, SAIC Motor saw its quarterly revenue, net profit, and car sales volume all grow for the 2nd consecutive quarter by Q3 this year. 

In addition, SAIC Motor reported a R&D expense of around 12.247 billion yuan for the Jan.-Sept. 2023 period, registering a 3.3% year-on-year decline.