BAIC Motor 2017 net profit declines 4.7% to RMB 10.998 billion

Shanghai (Gasgoo)- BAIC Motor Corporation Ltd (BAIC Motor) reported that its annual operation revenue boasted a year-on-year increase of 15.50% to RMB 134.158 billion in 2017, which was mainly driven by the rising income from Beijing Benz. Meanwhile, the company’s annual net profit reached RMB 10.998 billion last year, slightly decreasing 4.7% from the previous year, according to the financial report the company released a few days ago. Besides, the net profit attributable to equity holders reached RMB 2.252 billion, slumping 64.6% over the previous year.

BAIC Motor delivered a total of 1.466 million vehicles throughout 2017. The homegrown Beijing Brands only handed over 236 thousand vehicles in 2017, slumping 48.4% year on year, affected by the intense market competition and unstable product structure. To be specific, the annual deliveries of Senova and Weiwang reached around 86 thousand units and 86 thousand units, plunging 57.2% and 52.0% respectively. Moreover, some 40 thousand units under the BJ Brand were sold last year, accomplishing an impressive year-on-year growth of 45.3%. In 2018, Beijing Brands plans to roll out the all-new D70, the SUV X55 refreshed version as well as the BJ40 modified version, etc.

As to JV brands, Bejing Benz accomplished annual sales up to 423 thousand vehicles last year, surging 33.3% over the previous year. According to relevant data, Beijing Benz achieved an annual output exceeding 430 thousand vehicles in 2017 with a remarkable year-on-year growth of 29%. The JV brand not only achieved all-time high in both sales and output, but also realized two-digit growth in sales and output for 8 consecutive years.

Beijing Hyundai saw its sales fallout of 31.3% year on year to nearly 785 thousand vehicles last year. This year, the brand plans to launch a series of new products such as the high-performance version of the ENCINO, the mid-term refreshed model of the all-new Tucson, an all-new large-sized SUV as well as a new sedan model.

Additionally, Fujian Benz sold nearly 22 thousand vehicles in 2017, skyrocketing 79% from a year earlier.

Earlier this year, BAIC Motor announced that the company aims to achieve annual sales targets for Beijing Brands, Beijing Benz, Beijing Hyundai and Fujian Benz to 300 thousand units, 440 thousand units, 900 thousand units and 30 thousand units respectively in 2018.