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GAC Group boasts year-on-year hike of 1,896.65% in first quarter 2021 net profit

Monika From Gasgoo| April 30 , 2021 12:05 BJT

Shanghai (Gasgoo)- GAC Group announced its quarterly gross revenue jumped 47.31% year on year to 16.023 billion yuan ($2.471 billion) in the first quarter of 2021.

For the first three months, the company's net profit attributable to shareholders dramatically rocketed 1,896.65% over the year-ago period to 2.366 billion yuan ($364.797 million). After deduction of non-recurring profits and losses, GAC Group still recorded a net profit of 2.226 billion yuan ($343.265 million), versus the net loss of 79.595 million yuan ($12.273 million) for the year-ago period.

Despite the impact of chip shortage, GAC Group still saw its auto sales for the first quarter shoot up 62.2% over a year ago to 496,560 units.

GAC Group boasts year-on-year hike of 1,896.65% in first quarter 2021 net profit

Aion Y; photo credit: GAC Group

With a year-on-year growth of 120.89%, GAC Aion was the fastest-growing subsidiary. The BEV-focused company sold 17,649 new vehicles in the Jan.-Mar. period, including 14,554 Aion Ss (+106.8% YoY). Its fourth production model, the Aion Y, hit the market in April, expected to help drive sales growth for GAC Aion.


GAC Trumpchi's first-quarter sales amounted to 74,259 units, up 36.3% from the previous year. The sales of its high-end products (the GS8 series and the M8) surged nearly 150%.

At the Auto Shanghai 2021, GAC Trumpchi released the Trumpchi GS4 PLUS that features a “super-sensing interactive smart cockpit”. Meanwhile, the interior of the EMPOW, the first sports sedan based on GAC's GPMA (Global Platform Modular Architecture) platform, was first opened to the public.

GAC Honda and GAC Toyota sold 181,948 (+77.16% YoY) and 200,100 new vehicles (+63.21 YoY) in the first three months. The two joint ventures have already rolled out a number of new models so far this year, including the Breeze Sport Hybrid e+, the fourth-generation Highlander, and the TNGA-based sedan named “Lingshang” in Chinese.

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