BAIC Motor boasts 96.6% year-on-year surge in 2018 net profit

Shanghai (Gasgoo)- BAIC Motor Corporation Limited (BAIC Motor) reported on March 27 that its full-year revenue in 2018 reached around RMB151.92billion, jumping 13.2% compared with RMB134.16 billion earned in 2017. The annual profit attributable to equity holders of the company surged 96.6% over a year ago to RMB4.43 billion.

The annual report showed that in 2018, four business segments of the automaker, namely, Beijing Brand, Beijing Benz, Beijing Hyundai and Fujian Benz, sold a total of 1.46 million vehicles, representing a year-on-year decline of 0.4%. Of that, affected by increased industry competition and business scope adjustment, Beijing Brand suffered a decline in the sales performance, and was actively promoting the product upgrade, capacity optimization, cost saving and other work.

Beijing Hyundai achieved a year-on-year growth in the sales volume, against the overall industrial downturn. Besides, Beijing Benz and Fujian Benz still maintained a strong development momentum and steadily increase their market share.

To be specific, Beijing Brand sold 156 thousand units of PVs, among which, the sale volume of Senova series was 65 thousand units, representing a year-on-year decrease of 24.1% and the sales volume of BJ series and Wevan series plunged 22.4% and 82.9% respectively to 31 thousand units and 15 thousand units. Besides, its annual sales volume of new energy PVs was 45 thousand units, shooting up 94.2% over the previous year.

Three joint ventures all achieved year-on-year growth in 2018 sales. To be specific, Beijing Benz saw its full-year sales climbed 14.8% to 485 thousand units, Beijing Hyundai and Fujian Benz's sales grew 0.7% and 27.3% respectively to 790 thousand units and 29 thousand units.

BAIC Motor stated that the automaker attained a year-on-year growth of 13.2% in 2018, mainly attributable to the increase in revenue from Beijing Benz. The full-year revenue associated with Beijing Benz jumped 16% over the year-ago period to RMB135.4152 billion, which was mainly attributable to a year-on-year growth of 14.8% in sales volume of Beijing Benz and the further enlarged percentage of sales volume for relatively higher-priced models.