Changan Automobile’s net profit surges 30.65% YoY in H1 2023

Beijing (Gasgoo)- Chinese automaker Chongqing Changan Automobile Company Limited (Changan Automobile) saw a double-digit year-on-year growth in both semi-annual revenue and net profit, according to its report released on August 30.

Photo credit: Changan Automobile

The report showcased a robust performance, with Changan Automobile attaining a total revenue of 65.492 billion yuan in the first six months of the year, marking a notable increase of 15.76% compared to the corresponding period last year. In the same time span, the company’s net profit attributed to shareholders of the listed company surged to 7.65 billion yuan, surging 30.65% from a year ago.

Concerning market dynamics, Changan Automobile achieved sales of 1.216 million vehicles during the first half of 2023, representing an uptick of 8% year-on-year. Within these figures, the sales of the new energy vehicles under Changan's wholly-owned brands reached 176,000 units, soaring 107.2% from a year ago.

Changan Automobile emphasized that, the AVATR brand confronted lower-than-anticipated sales due to its first high-end product is still new to the market, and the industry-wide price competition also influenced its sales. Meanwhile Changan Ford faced challenges from a contracting fuel vehicle market and slower-than-anticipated new energy vehicle development.

Changan Automobile disclosed its ambitious plans, aiming to invest a cumulative total of 200 billion yuan by 2030 in expanding its technology innovation team by over 10,000 people, building itself to a world-class automotive brand, and achieving a total group annual sales of 5 million vehicles. Among which, Changan’s wholly-owned brands’ sales should reach 4 million vehicles, including 1.5 million units under the freshly launched Changan Qiyuan new energy vehicle brand.