In recent years, Shanghai has been making continuous efforts in three areas: enhancing its level of openness to foreign investment, increasing investment promotion initiatives, and improving services for enterprises, resulting in impressive outcomes. During the “2024 Shanghai Top 100 Foreign Invested Enterprises Release Conference,” the official list of the top 100 foreign-invested enterprises in Shanghai was unveiled. Notably, companies such as SAIC Volkswagen and SAIC General Motors made the list, with SAIC General Motors ranking fifth in terms of tax contributions and sixth in operating income on the respective lists, and ranking fourteenth and fortieth in job creation and total import-export value and tax contributions.
This year's evaluation for the top foreign-invested enterprises in Shanghai considered four categories: operating income, total import-export value, tax contributions, and job creation, with a total of 258 foreign-invested companies making the list. Overall, the top foreign enterprises in Shanghai have been operating smoothly. Various sectors, including finance, services, automotive manufacturing, and wholesale and retail, have shown impressive performance. Notably, the automotive manufacturing sector, as a vital growth engine for Shanghai's economic development and one of the highest contributors to the city's total industrial output, is facing significant challenges due to the complex and volatile international environment and intensified competition in the automotive industry. Factors such as new market dynamics, emerging technology trends, and evolving consumer demands have created a demanding landscape for multinational automotive companies rooted in Shanghai. Even so, key joint ventures like SAIC Volkswagen and SAIC General Motors are accelerating industry transformation through innovation, enhancing their competitiveness while also setting new benchmarks for the high-quality development of the national automotive industry.
The release of the top foreign-invested enterprises list in Shanghai provides a direct insight into the performance of these companies, highlighting their sense of social responsibility and contributions to society. For instance, in September of this year, SAIC General Motors' end sales reached 54,007 vehicles (including exports), marking a month-on-month increase of 6.8%, with three consecutive months of growth indicating a stabilization in performance; of these, 11,017 were new energy vehicles, representing a month-on-month increase of 7.3%. From January to September, the total end sales for SAIC General Motors amounted to 453,052 vehicles (including exports), with new energy vehicles totaling 75,847, a 101% year-on-year increase, placing the company at the forefront of traditional joint venture automakers in terms of new energy vehicle penetration.
At the same time, SAIC General Motors upholds the concept of “maximizing social responsibility,” actively fulfilling its corporate responsibilities to contribute value to society while also alleviating the pressure on its supply chain and business partners. This year, SAIC General Motors has proactively controlled production and wholesale volumes, reducing inventory by over 150,000 vehicles, significantly enhancing channel health.
As electrification, intelligence, and connectivity have become irreversible trends in the global automotive market, major car manufacturers understand the necessity and urgency of transformation. As a mainstream joint venture that has been active in the Chinese market for over 20 years, SAIC General Motors shares this understanding. Looking ahead, SAIC General Motors will continue to accelerate the pace of its transition to intelligent electrification and will optimize and integrate various dimensions, including production efficiency, organizational structure, core teams, and operating costs. Benefiting from the resources and financial support from both parent companies, SAIC General Motors has developed a comprehensive plan for high-quality development, which includes a product portfolio strategy for the next decade.
Currently, Shanghai has become one of the most attractive destinations for foreign investment globally. The foreign enterprises gathered in Shanghai serve as a crucial engine for industrial upgrading, a key player in promoting technological innovation, and a significant force in enhancing urban functionality. With the continuous optimization of the business environment and strengthened investment promotion efforts, more multinational companies are likely to recognize and choose Shanghai as their preferred destination, further accelerating the city’s transformation into a top choice for global investors.
