GAC Group sees H1 2022 net profit leap 32.61% YoY

Shanghai (Gasgoo)- GAC Group announced today its revenue amounted to 48.448 billion yuan ($7.004 billion) in the first half of 2022 (“H1 2022”), surging 41.17% over a year earlier.

In Jan.-Jun. period, the group recorded a 32.61% year-on-year jump in its H1 2022 net profit attributable to shareholders, which reached roughly 5.751 billion yuan ($831.328 million). Excluding the impact of certain non-recurring gains and losses, GAC Group’s semi-annual net profit still leapt 39.46% from the previous year.

GAC AION's plant; photo credit: GAC Group

For the first six months of 2022, the group's basic earnings per share stood at 0.55 yuan ($0.08), versus the 0.42 yuan ($0.061) for the prior-year period.

For the first half of 2022, BYD produced and sold 1.1517 million and 1.1499 million vehicles, representing a year-on-year growth of 15% and 12%, respectively.

The group's passenger vehicle output and sales amounted to 1.1514 million and 1.1497 million units in H1 2022, growing 15.16% and 12.21% year over year, respectively. Its semi-annual sales of sedans, SUVs, and MPVs rose 15.33%, 5.78%, and 34.6% from the previous year.

Notably, GAC Group saw its production and sales volumes of new energy passenger vehicles (“NEPVs”) rocket 122.3% and 119.86% year on year to around 113,000 units and 113,300 units in the Jan.-Jun. period. During the reporting period, new energy and energy saving vehicles accounted for 28.96% of the group's total passenger vehicle sales.

By the end of June 2022, GAC Group's total vehicle production capacity reached 3.069 million units per year, according to the group’s semi-annual financial results.