BAIC Group boasts 9.3% YoY growth in Q1-Q3 2023 revenue

Beijing (Gasgoo)- Beijing-based automaker BAIC Group recently released its official financial results for the first three quarters of 2023, which showcased a robust performance with significant growth in both auto production and sales.

Photo credit: BAIC Group

From January to September 2023, BAIC Group produced 1.212 million vehicles, marking a notable increase of 13.2% compared to the previous year. Sales were equally impressive, with 1.235 million vehicles sold, reflecting a year-on-year growth of 13.4%. The company achieved an operating income of 365.09 billion yuan in the period, which rose 9.3% from a year ago.

In the passenger car segment, BAIC Motor's wholly-owned BEIJING brand witnessed combined sales of electric vehicles and off-road vehicles reach roughly 106,000 units in the first nine months of this year, recording a substantial 70% growth over the same period last year. Furthermore, the brand’s cumulative vehicle exports amounted to around 29,700 units in the period, signifying a remarkable 142% soar from a year ago.

In the joint venture segment, Beijing-Benz saw approximate production and sales figures of 462,000 and 463,000 vehicles, respectively, in the first three quarters of this year, up 3.8% and 3.3% year-on-year. The introduction of the new GLB SUV was a highlight for the brand. Meanwhile, Beijing Hyundai sold 173,000 vehicles during the same period, with successful models like the new Elantra and the MUFASA contributing to a combined terminal sales of about 51,000 units.

In the commercial vehicle sector, BAIC’s Foton Motor achieved exceptional sales performance, with 450,000 vehicles sold in the first nine months. Among which, roughly 27,000 vehicles sold in the period were new energy vehicles, shooting up 91% year on year. Exports of new energy and light trucks from Foton Motor summed up to about 89,000 vehicles in the first three quarters, reflecting a 32% surge in comparison to the previous year.