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BAIC’s EV arm boasts 9.7% year-on-year growth in H1 net profit
Monika From Gasgoo| August 27 , 2019

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co.,Ltd, the parent company of Chinese major NEV maker BAIC BJEV, announced its first-half revenue zoomed up 76.63% from the previous year to RMB9.919 billion amongst a blooming rise of NEV sales in China.

The semi-annual net profit attributable to the public company's shareholders amounted to roughly RMB95.244 million, a year-on-year growth of 9.7%.

Nevertheless, the net profit attributable to shareholders after non-recurring gains/losses still recorded a loss of RMB123.41 million, compared with the RMB5.409 million worth of loss for the same period a year earlier.

BAIC BluePark first-half 2019 net profit, BAIC BJEV H1 2019 sales, China automotive news

During the reporting period, BAIC BluePark received up to RMB208 million worth of subsidy from the government, which constituted the main part of the non-recurring gains.

In the first half of the year, the NEV production and sales volume sustained a growing momentum despite an overall downturn in Chinese auto market, said the company. Its automobile sales volume for the first six months totaled 65,159 units, a remarkable growth of 21.57% from the year-ago period.

BAIC BluePark first-half 2019 net profit, BAIC BJEV H1 2019 sales, China automotive news

Models equipped with BAIC BJEV's Darwin technical system, such as the EU5, the EX5 and the EX3, have accounted for approximately 90% of the company's total sales. Retail sales volume of the EU Series amounted to 58,013 units for the first two quarters, representing a splendid surge of 938.7%, according to the China Passenger Car Association (CPCA). The series was also crowned the best-selling new energy PV model in China by first-half deliveries.

The first-half sales volume was still far less than the 220,000-unit sales target. For the second half of the year, BAIC BJEV is still confronted with multiple threats. Aside from the hot topic of NEV subsidy slash, the Beijing-based EV manufacturer has to tackle a more fierce competition as joint ventures, startups and premium car brands are strengthening their offensive in NEV domain (Photo source: BAIC BJEV).

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