BAIC BJEV receives RMB1,155.37 million worth of state’s NEV settlement subsidy

Shanghai (Gasgoo)- BAIC BJEV recently received a fund worth RMB24.93 million from the Beijing Municipal Finance Bureau as part of central government's efforts to liquidate the NEV subsidy that should be allocated to automakers based on the EV number in which companies applied for subsidy in 2016, BAIC BluePark New Energy Technology Co.,Ltd, the parent of the Beijing-based EV maker, announced on May 30.

In the meantime, BAIC BJEV also gained RMB1,130.44 million worth of subsidy funds from the Beijing authority as the state’s prepaid funds for NEV promotion and application which should be given to enterprises on the basis of the NEV quantity they submitted to government in 2017 and 2018 for subsidy application.

BAIC BluePark stated that the subsidy funds accepted recently will directly offset its subsidiary’s receivable NEV subsidy, and be helpful to improve the cash flow and lower the capital occupation.

(Photo source: official website of BAIC BJEV)

BAIC BJEV's vehicle sales in April, 2019 plunged 50.1% over the previous year to 5,009 units. For the first four months, its cumulative sales have aggregated 30,078 units, edging down 2.5% year on year.

However, vehicle outputs were tremendously decreased compared with the same period a year ago. In April, BAIC BJEV only produced 578 vehicles, a year-on-year nosedive of 94.19%. Jan.-Apr. outputs sharply slumped 90.01% to 3,430 units.

BAIC BluePark said its operating income for the first quarter of 2019 soared 76.03% from the year-ago period to RMB3.127 billion. The quarterly net profit attributable to shareholders of the listed company reached RMB33.765 million.

The company explained that the growth in Q1 operating income should be ascribed to the increase in its sales volume and product structure adjustment.