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BAIC Group sees 2022 annual profit rise 4.7% YoY with 1.45 million vehicles sold

Gabriella From Gasgoo| January 11 , 2023 18:32 BJT

Beijing (Gasgoo)- Beijing-based automaker BAIC Group disclosed its annual auto output and sales both reached 1.45 million units in 2022, bringing in a yearly revenue of 450.7 billion yuan (US$66.54 billion).

BAIC Group sees 2022 annual profit rise 4.7% YoY with 1.45 million vehicles sold

Photo credit: BAIC Group

In the past year, the automaker saw a 4.7% year-on-year increase in annual profit, marking the second consecutive year with a growth in profit. Meanwhile, BAIC Group achieved a yearly production value of 290.83 billion (US$42.94 billion) yuan in its homebase, Beijing. 

BAIC Group holds two major wholly-owned passenger vehicle brands, the ARCFOX premium electric vehicle brand, and the BEIJING brand, which sells both new energy and oil-fueled vehicles. In the past year, ARCFOX managed a 110% year-on-year spike in annual sales, and expanded its charging network to 320 cities in China. 

Through 2022, BAIC Group exported 16,000 passenger vehicles under its wholly-owned brands, representing a 97.8% leap from a year ago. 

Regarding the group's commercial vehicle sector, Foton Motor sold 460,000 vehicles in 2022, 86,000 units of which were sold overseas to reflect a 54% surge over the previous year.  

As to the group's joint venture brands, both Beijing Benz Automotive Co., Ltd. (BBAC) and Beijing Mercedes-Benz Sales Service Co., Ltd. (BMBS) sold 600,000 vehicles in the past year. In the meantime, Beijing Hyundai saw the annual sales volume of the seventh-generation Elantra exceed 100,000 units last year. The Sino-Korean joint venture aims to sell over 500,000 vehicles yearly in 2025.

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