BAIC Motor net profit soars 59.4% year on year in H1

Shanghai (Gasgoo)- BAIC Motor reported a revenue growth of 15.2% year on year to RMB 76.902 billion. Its net profit reached RMB 8.045 billion, soaring 59.4% from a year ago, according to its 2018 H1 financial report released on Aug. 28. BAIC Motor attributed the revenue growth to the increase of Beijing Benz's revenue.

BAIC Motor is a platform of complete vehicle resource integration and business development for BAIC Group's passenger vehicle, covering the businesses in passenger vehicle R&D, manufacturing, sales and aftersales service, manufacturing of passenger vehicle's core parts, auto finance and other vehicle-relevant business. BAIC Motor currently runs its passenger car business through four complete vehicle sectors-BJ Brand, Beijing Benz, Beijing Hyundai and Fujian Benz.

BJ Brand suffered a 33.6% YoY sales slump to 73,000 units in the first half of 2018, mainly resulting from the factors such as intensified competition in auto industry and adjustment of product structure. Other JV brands experienced sales growth in the first half of 2018. Specifically, Beijing Benz enjoyed 19.6% sales growth over the previous year to 252,000 units in the first half of 2018. Beijing Hyundai and Fujian Benz delivered 380,000 vehicles and 14,000 vehicles with YoY growth of 26.2% and 38.4% respectively from January to June.