BAIC BJEV’s parent company gains 161.21% year-on-year jump in 2018 net profit

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co.,Ltd, the parent company of China's EV maker BAIC BJEV, announced on April 22 that its full-year revenue in 2018 reached RMB16.438 billion, leaping 43.02% over a year ago, and the annual net profit attributable to shareholders skyrocketed 161.21% year on year to RMB155.16 million.

However, excluding non-recurring gains and losses, the company faced a net loss of RMB729.355 million. Basic earnings per share for the whole year ended December 31, 2018 was RMB0.0462.

According to the annual report, the company sold 158,000 vehicles throughout 2018, achieving a year-on-year surge of 53%. From the time being, it has rolled out 6 product series, namely, the EH, EU, EX, EV, EC and LITE, comprising over 10 models that covers segments from A00 to B. Last year, three all-new models—the BAIC EC3, EX360 and EU5—were sent to the market.

The subsidiary BAIC BJEV, selling 17,690 vehicles last month, achieved an impressive year-on-year surge of 109.7%. In the first quarter of the year, the EV maker still maintained a growing momentum with its sales jumped 20.46% from the previous year to 25,069 units.

According to the China Passenger Car Association (CPCA), among the top 10 NEV models by March retail sales, the BAIC EU series gained the championship with its sales marvelously skyrocketing 9308.0% over the year-ago period to 12,983 units, while the BAIC EC series, ranking 7th, got a steep decline of 54.9%. It means that BAIC BJEV is making efforts to improve its product position and has got some fruits. At least in March, the sales mainstay became the mid-end EU series rather than the lower-priced EC series.