GAC Group’s Q1-Q3 revenue leaps 28.64% YoY

Shanghai (Gasgoo)- For the first three quarters of 2021, GAC Group earned 55.117 billion yuan ($8.625 billion) of revenue, representing a 28.64% year-on-year growth, while saw its net profit attributable to shareholders climb 5.63% to 5.284 billion yuan ($826.769 million), according to the company's latest quarterly financial results.

AION V; photo credit: GAC Group

For the third quarter, the Guangzhou-based auto giant scored a 19.48% year-over-year growth in revenue, which reached about 20.799 billion yuan ($3.255 billion). However, the third-quarter net profit belonging to shareholders slumped 64.71% to 947.114 million yuan ($148.202 million).

The robust rise in year-to-date revenue mainly resulted from the increase in vehicle outputs and sales. GAC Group produced and sold 1,443,706 and 1,493,726 new vehicles during the first three quarters, representing year-on-year growth of 3.85% and 6.15% respectively. Meanwhile, the group's year-to-date deliveries reached about 1.543 million units, jumping 10.7%.

There were five models recorded Jan.-Sept. sales exceeding 100,000 units, namely, the Levin series (172,702 units, +7.1% YoY), the Camry series (138,107 units, +4.7% YoY), the Accord series (133,591 units), the Vezel series (124,248 units, +17.4%), and the Breeze series (118,385 units, +9.1%).

GAC Group aims further boost its sales in the fourth quarter by virtue of the roll-out of such new products as the AION V PLUS, the Integra, the New Crider, and the Sienna.