Dongfeng Motor Group sees 18% YoY drop in 2022 annual revenue

Beijing (Gasgoo)- In 2022, Dongfeng Motor Group Company Limited (“Dongfeng Motor Group”) saw its annual revenue reach 92.663 billion yuan, representing an 18% decline compared to a year ago, according to the company’s 2022 Annual Results Announcement released yesterday.

Photo credit: Dongfeng Motor

Last year, Dongfeng Motor Group’s gross profit came down 15.26% from the prior-year period to 8.827 billion yuan. Meanwhile, its net profit attributable to shareholders stood at 10.265 billion yuan, slipping 9% year on year. 

In 2022, the automaker’s net profit margin was 11.1%, which was the highest level achieved during the past three years, said Dongfeng Motor Group.

Through 2022, Dongfeng Motor Group poured 9.492 billion yuan of strategic investments in such areas as R&D capacity construction, upgrading of manufacturing capacity, new energy strategic commodity layout, etc. 

Last year, the company’s total sales volume amounted to roughly 2,464,500 vehicles, among which, sales of new energy vehicles soared 115.5% year on year to 346,100 units. In particular, 320,400 units were new energy passenger vehicles, representing a hike 123.5% over a year ago. 

Despite the less than satisfactory operating results achieved in 2022, Dongfeng Motor Group still set a sales target of 3 million units in 2023, which should grow 73% from last year. The annual export target of this year is 190,000 units, up 28% year-over-year.