GAC Group reports net profit growth of 11.82% in H1

Shanghai (Gasgoo)-GAC Group reported revenue of RMB 172.607 billion with a YoY growth of 6.22% on Aug. 27. Its net profit attributable to shareholders of parent company reached RMB 6.913 billion with a YoY increase of 11.82%, setting a best-ever H1 revenue after GAC listed on the stock exchange.

From January to June, GAC Group produced 1,048,000 vehicles and sold 1,017,000 vehicles with respective growth of 7.7% and 5.5% over the previous year. Among them, GAC Toyota posted cumulative sales growth of 16.37% in the first half of 2018. GAC Mitsubishi achieved a H1 sales leap of 38.64%. Sales of GAC Hino surged 213.15% from a year ago in the first half of 2018. During the first half of 2018, GAC BYD secured pure electric bus orders of almost 5,000 units. Moreover, deliveries of GAC NE also saw substantial growth to 6,301 vehicles.

In addition, GAC Group will launch the GAC GE 530, the 2018 GAC Honda City and the Mitsubishi Eclipse Cross. GAC also strives to have its annual sales target grown 10% compared with its 2017 sales target. It is expected that GAC Group will introduce two new pure electric models during 2019 and 2020 with all-new design, all-new platform and over-500km range.

Several days ago, GAC Group underwent great personnel adjustment, covering more than ten senior executive posts in new energy, mobility and JV. GAC Group stated that the personnel adjustments aim to strengthen its competitiveness in emerging areas, such as new energy, intelligent connectivity and mobility, in order to exert strategic and synergistic effect. Moreover, the personnel changes also will target to train all-round talents.

The personnel changes will not only largely uplift the importance of mobility area, but also will enhance the development of NEVs. According to GAC's announcement, Yu Jun, general manager of GAC Motor will be promoted as chairman of GAC NE.