GAC Group posts two-digit YoY growth in 2022 annual revenue, net profit

Shanghai (Gasgoo)- GAC Group announced on Wednesday its full-year revenue reached around 109.335 billion yuan in 2022, leaping 45.57% from a year ago.

During the same period, the Guangzhou-based auto group saw its annual net profit attributable to shareholders grow 10% from a year earlier to roughly 8.068 billion yuan. Excluding the impact of certain non-recurring gains and losses, its yearly net profit even jumped 25.42% over a year ago to 7.496 billion yuan.

Besides, the group announced its basic earnings per share for the year of 2022 stood at 0.78 yuan, versus the 0.72 yuan for the year-ago period.

In 2022, despite the challenges such as rising raw material prices and unstable supply chains, GAC Group still outpaced the overall Chinese auto market with its annual automobile production and sales volumes jumping 16% and 13.5% year on year to 2.4799 million and 2.4338 million units.

Hyper SSR; photo credit: GAC AION

The group said its new energy vehicle (NEV)-dedicated subsidiary, GAC AION, sold about 271,000 vehicles through 2022, representing a 126% spike year-over-year. With its second intelligent manufacturing center starting operation, GAC AION has seen its total production capacity lifted to 400,000 vehicles per year.

In 2023, GAC AION aims to produce and sell 500,000 vehicles annually, and further challenge an output and sales target of 600,000 units. It will strive to hit an annual production and sales volume of 1.5 million vehicles by 2030.

In 2022, GAC Group's investment income from joint ventures and associates increased by 24.08% year on year, according to the financial results.

GAC Group is ambitious to score a year-on-year growth of 10% in annual automobile output, sales, and production value in 2023.

It is worth noting that overseas markets are becoming an important growth point for GAC Group's performance. In 2022, GAC MOTOR exported over 33,000 vehicles, an increase of 59% year-on-year, with its products entering 29 countries and regions in the Middle East, South America, etc. According to the "Trillion GAC" blueprint, the group aims to sell 400,000 vehicles annually to overseas markets by 2030.