Beijing Auto Q1 revenue up 58.5%, profit up 162.4%

Shanghai, April 16 (Gasgoo.com) Beijing Automotive Industry Holding Co. (BAIC) saw its sales revenue increase by 58.5% to 33.5 billion yuan ($4.9 billion) for the first quarter of 2010, while the company's profit growth is nearly three times of its revenue growth over the same period, the biggest increase among the domestic carmakers.

In the first three months, BAIC sold more than 360,000 vehicles, up 43.9% year on year, completing 25.7% of the annual sales plan. Meanwhile, the company gained 33.5 billion yuan in sales revenue, up 58.5% and achieved a total profit of 2.23 bln yuan, up 162.4% year on year.

Referring to the causes for the substantial increase in profit for the first quarter of this year, BAIC president Xu Yifu explained that ever since the grouping strategy raised in early 2007, the company has made in depth a series of adjustments such as the management structure, product structure and so on, and formed the present industry chain based on the following five platforms containing vehicle manufacturing, auto parts, service trade, independent R&D,  and reform and adjustment, and also formed the present product portfolio covering commercial vehicles, SUVs, passenger vehicles, new energy vehicles and so on. All the above mentioned provided a particular endogenous impetus for the BAIC.

Data show that the high-end products' contribution to the company's whole sales for the first quarter obviously increased from the same period of 2009. A batch of Beiqi Futon's high-end products promptly occupied the passenger market, with sales doubling from a year earlier.