SAIC Motor Climbs Fortune 500 List
SAIC Motor has achieved its highest-ever ranking on the Fortune 500 list, occupying 36th place and topping all other Chinese automakers.
SAIC Motor is on the prestigious list for the 14th consecutive year now, achieving its best ever spot this year. Ranked no. 36 by the U.S.-based Fortune Magazine, the Chinese automaker has scaled up five places compared to the previous listing. The accolade is courtesy of the brand achieving a sales revenue of $128.819 billion and selling 6.93 million cars in the 2017 financial year. This calculates to a 6.8 percent increase year-on-year as compared to 2016.
SAIC Motor is a globally well-established brand, with a strong presence in 13 countries that include ASEAN, Middle East, Africa, Europe, and Oceania. The firm also possesses an innovation centre in Silicon Valley. It is currently the largest automobile manufacturer in China, and is ranked seventh among all automakers on the Fortune 500 list, finishing ahead of BMW and Hyundai.
In the first half of 2018, SAIC sold 57,000 units of alternative-fuel cars, translating to a massive 275 percent growth rate year-on-year. This growth rate is more than twice the current market rate.
As part of its ambitious global expansion plans, SAIC Motor has been expanding and consolidating its presence in the Middle East. Its Middle Eastern headquarters are in Dubai’s Jebel Ali Free Zone, set up back in 2015. SAIC Motor introduced the MG brand to the Middle East, which boasts of a fresh lineup of vehicles including the MG RX5, ZS, GS, and the new second-generation MG6 sedan. MG Motor has expanded its operations through new distribution networks with the appointment of new partners in the UAE and KSA within the last 12 months.