BAIC aims to sell 3 million vehicles in 2018

Shanghai (Gasgoo)- In 2017, BAIC Group posted a total operating revenue of RMB 470.34 billion, increasing 15.8 percent from a year earlier, according to the announcement of BAIC. The state-owned automaker aims to push up the sales to 3 million units in 2018.

The data from BAIC showed that the revenue of BAIC grew by RMB 70 billion last year while its profit was up 14.4 percent year on year and the rate of return on common stockholders’ equity is 6.8 percent, up 0.6 percent compared with last year.

At the same time, BAIC also released its operation target of this year. The group plans to sell and build over 2.9 million vehicles in 2018 and will strive for 3 million in sales and production. For the same period, BAIC expects the operating revenue will reach RMB 520 billion and try to achieve the goal of RMB 550 billion.

In 2018, the sales of BAIC’s self-owned brands are expected to total 300,000 units, jumping 90 percent year on year. It is also one of the priorities for the automaker to adjust and optimize the business of self-owned brands. BAIC eyes to put its self-owned brands on the list of top 3 self-owned auto brands by 2020.

What’s more, BAIC also announced that it will be back to A-share market and enhance its capital operation this year. The weak profitability of its self-owned brands is considered to be the main obstruction for BAIC to be back to A-share market.

BAIC BJEV, the electric vehicle unit of BAIC, plans to go public this year. The new energy vehicle maker aims to sell more than 150,000 vehicles this year and be No.1 in market shares.