GAC Group scores double-digit YoY growth in 2021 revenue, net profit

Shanghai (Gasgoo)- GAC Group announced earlier this week its annual gross revenue jumped 19.82% year on year to around 75.676 billion yuan ($11.9 billion) in 2021. Meanwhile, the full-year net profit attributable to shareholders also leapt 22.95% to 7.335 billion yuan ($1.154 billion).

EMPOW; photo credit: GAC Motor

For the year 2021, the basic earnings per share of GAC group stood at 0.72 yuan ($0.11), rising from the 0.58 yuan ($0.09) for the year-ago period.

Last year, GAC Group was also confronted with the industry-wide challenges, such as the resurgence of the COVID-19 cases, the chip shortage, and the rising prices of raw materials, said the group. However, it still gained a robust year-on-year growth of 4.92% in yearly automobile sales volume. Notably, there were over 120,000 new energy vehicles under the group's self-owned brands sold through 2021, representing a 101.8% surge year-over-year.

To enrich the product lineups of self-owned brands, GAC Group rolled out multiple all-new models, mid-cycle facelifts, and annual refreshed models last year, including the AION Y, the Trumpchi EMPOW, the AION S PLUS, and the Trumpchi GS4 PLUS.

As for joint ventures, their vigorous efforts to innovate in products and technologies also significantly contributed to GAC Group's growing financial performance.

Last year, GAC Toyota launched the mid-phase facelift version of the Camry, the Lingshang, the fourth-generation Highlander (including the hybrid version), and the Sienna, resulting in a further expansion of the TNGA-based car product matrix and a higher proportion of NEVs and energy-saving vehicles in the group's total sales.

GAC Honda launched such new products as the 2021 BREEZE, the EA6 BEV, and the Integra in 2021.