BAIC Motor posts 18.37% YoY jump in H1 2023 revenue

Beijing (Gasgoo)- During the first half of 2023, BAIC Motor Corporation Limited (BAIC Motor) achieved an operating revenue of 99.047 billion yuan, marking an 18.37% year-on-year growth, according to the company’s performance report for released on the Hong Kong Stock Exchange. 

Photo credit: BAIC Motor

During the reporting period, BAIC Motor’s net profit attributable to shareholders reached 2.846 billion yuan, surging 31.9% from the previous year.

BAIC Motor's four major vehicle brands, namely Beijing Brand, Beijing Benz, Beijing Hyundai, and Fujian Benz, collectively recorded a sales volume of 507,000 units in the first half of this year, representing a 24.1% jump year over year.

The company's strong growth is evident across various dimensions, including the advancement achieved by its wholly-owned brands, new energy vehicle sector, and export business. Notably, Beijing Brand's sales soared by 125.9% year over year in H1. Sales of new energy vehicles under the brand saw a remarkable 267.6% spike from a year ago, while its export business experienced an extraordinary 234.8% year-on-year surge.

Embracing international market opportunities, BAIC Motor is deepening its dual-market strategy, expanding its presence in both domestic and international markets. The company has ventured into new markets in the Middle East and Europe, leveraging popular models to boost overseas business growth.

In the luxury segment, Beijing Benz achieved vehicle sales of over 301,000 units in the first half of the year, marking a 12.9% increase from a year ago. The maiden shipment of Beijing Benz's first EQE all-electric SUV to Germany showcases the brand's global ambitions.

On the other hand, Beijing Hyundai's wholesale sales reached 118,000 units during the reporting period, jumping 25.7% from that of the previous year.