BAIC BluePark expects annual loss of at least 5.2 billion yuan in 2023

Beijing (Gasgoo)- On January 15, BAIC BluePark New Energy Technology Co., Ltd. (“BAIC BluePark”), the parent company of BAIC BJEV, announced a projected annual net loss of approximately 5.2 billion yuan to 5.7 billion yuan for the year 2023. This follows the 5.465-billion-yuan net loss reported in 2022.

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The company’s anticipated adjusted net loss attributable to shareholders for 2023, excluding non-recurring gains and losses, is estimated to be 5.7 billion yuan to 6.2 billion yuan. In comparison, BAIC BluePark’s adjusted net loss in 2022 stood at 5.838 billion yuan.

Since 2020, BAIC BluePark has consistently reported annual losses, with net losses of 6.482 billion yuan, 5.244 billion yuan, and 5.465 billion yuan in the years 2020 to 2022, respectively.

The company attributes the 2023 performance decline to the intensifying competition in the new energy vehicle market. Despite active market exploration and brand enhancement efforts, the company faces short-term performance impacts. Additionally, the ongoing rapid increase in product sales has yet to yield scale effects, leading to temporarily high product costs.

BAIC BluePark remains optimistic, anticipating continuous improvement in product sales and profitability with the introduction of new vehicle models, enriched product structures, and enhanced channel development in the coming periods. The latest report reveals that its subsidiary, BAIC BJEV, sold a total of 92,200 vehicles in 2023, marking an 83.69% surge year-on-year.