BAIC BJEV sees new car sales in May plunge 49.68% over a year ago

Shanghai (Gasgoo)- Beijing-based new energy vehicle (NEV) maker BAIC BJEV saw its vehicle sales in May plunge 49.68% from a year ago to 9,009 units, its parent company BAIC BluePark New Energy Technology Co.,Ltd announced on June 6.

During the first five months of 2019, the NEV maker sold a total of 39,087 vehicles, a year-on-year decrease of 19.83%.

Regarding the vehicle outputs, BAIC BJEV also confronted sharp year-on-year decline in both May volume and year-to-date (YTD) volume. Last month, the company's car outputs amounted to 1,806 units, compared with 4,749 units produced in the year-ago period. Besides, from January to May, only 5,236 vehicles have been output, a drastic decrease of 86.6% from the previous year.

The EV maker eyes a 220,000-units sales target for the year of 2019, while only 17.77% of the goal has been accomplished by the end of May. In the coming days of the year, the BAIC EC5 and the EU7 are going to hit the market in June and July respectively.

Last month, BAIC BJEV 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.

In the meantime, BAIC BJEV also gained RMB1,130.44 million worth of subsidy funds from the 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 as an effort to file for subsidy.

BAIC BluePark stated that the subsidy funds accepted recently would directly offset BAIC BJEV's receivable NEV subsidy, and be helpful to improve the cash flow and lower the capital occupation. (Photo source: BAIC BJEV)