GAC Group’s Q1-Q3 revenue edges up 0.38% YoY

Shanghai (Gasgoo)- For the first three quarters, GAC Group's revenue climbed 0.38% year on year to 42.846 billion yuan ($6.380 billion), according to the financial results the automaker released on October 30.

As of Sept., its year-to-date net profit attributable to shareholders dropped 21.04% from a year ago to 5.002 billion yuan ($744.854 million). However, excluding the impact of certain non-recurring gains and losses, the net profit reached 4.364 billion yuan ($649.882 million), edging up 0.08% year over year.

Trumpchi GS4; photo credit: GAC Motor

Shrugging off the impact of coronavirus pandemic, the group's financial and sales performance posted a solid rebound in the third quarter. GAC Group said its third quarter (Q3) revenue and the net profit after deduction of non-recurring profit and loss vigorously rose 19.55% and 113.87% over the previous year respectively to 17.407 billion yuan ($2.592 billion) and 2.34 billion yuan ($348.458 million).

In the Jul.-Sept. period, GAC Group's new vehicle sales amounted to 1,407,167 units, sliding 6.69% from a year earlier, which were 3.18 percentage points lower than the decrease in Jan.-Aug. sales.

GAC Honda and GAC Toyota together accounted for roughly 78% of GAC Group's year-to-date sales. Notably, GAC Toyota saw its sales grow 9.52% year over year to 543,449 units, the only subsidiaries that achieved growth.

GAC Trumpchi's self-owned PV brands also made headway during the third quarter. The outputs and sales of GAC Trumpich reached 89,500 units and 98,900 units, growing 12.68% and 9.54% from the previous year. The sales of the GPMA-based Trumpchi GS4 had surpassed 10,000 units for the fifth month in a row. GAC NE, the group's NEV arm, scored an impressive surge of 75% year over year with over 38,000 vehicles sold during the first three quarters.