GAC Group posts YoY net profit growth of over 70% in 2017

Shanghai (Gasgoo)- GAC Group reported revenue of RMB 71.575 billion in 2017, jumping 44.84% over the previous year, according to GAC Group's financial results released on Mar. 29. What's more, net profit attributable to shareholders of the parent company reached RMB 10.786 billion, soaring 71.53% compared to the same period last year. 

GAC Group completed its annual output and sales target ahead of schedule in 2017. The output and sales of GAC Group reached 2,017,000 units and 2,001,000 units respectively in 2017, jumping 21.54% and 21.27% year on year respectively, which are 18% higher than the average growth in industry. Moreover, GAC Group enjoyed a market share growth to 7%. Among them, NEV output and sales totaled 794,000 units and 777,000 units respectively with a YoY gowth of 53.8% and 53.3% on an annual basis. In 2017, GAC Group took up 2.7% of NEV market share, up 0.9% year on year.

In 2018, GAC Group is expected to have an annual sales growth of over 10% compared with 2017. Besides, it will roll out 17 all-new or upgraded models, including five self-owned models in this year. The group will focus on GAC intelligent connected NEV industrial park project, GAC Engineering R&D base construction project, GAC Motor production capacity expansion project and GAC Motor's Yichang project. 

In terms of NEVs, GAC Group spares no efforts to construct intelligent NEV industrial park to foster core technologies on new energy. GAC will further reinforce the competitiveness of its core NEV model, the GE3, enabling it to have a longer range, lower cost and optimized style. Apart from this, GAC Group will build two EV exclusive platforms and develop new NEV models based on the two platforms. Moreover, GAC Group will invest in manufacturing plant of battery system and electric driving system at the intelligent connected NEV industrial park to realize local supporting for core parts of NEVs.

In addition, GAC Group will carry out the strategic cooperation with Huawei, Tencent and iFLYTEK, aiming to accelerate the implementation of GAC's mobility strategy. By making full use of its overseas R&D center, GAC Group aims to build a global R&D system to further deploy global R&D network based on its Silicon Valley R&D center.