BAIC Group achieves 17.6% YoY jump in 2023 annual auto sales

Beijing (Gasgoo)- The Beijing-based major automaker BAIC Group recently unveiled its operating performance for the year 2023, reporting a remarkable annual vehicle sales figure exceeding 1.708 million units, marking a 17.6% year-on-year growth. 

Photo credit: BAIC Group

The group achieved an operating income of 480.3 billion yuan and an in-Beijing production value of 292.4 billion yuan.

In 2023, BAIC Group witnessed substantial growth across its key segments. The group’s wholly-owned brands’ passenger vehicle sales soared 69.1% from a year ago to 190,000 units, while commercial vehicle sales saw a 36.7% year-on-year surge, totaling 634,000 units. With 190,000 vehicles sold in overseas markets, BAIC Group boasted a 73.5% spike in annual export volume. 

Among the group’s subsidiaries, BAIC Motor underwent a comprehensive transformation encompassing brand image, technology, and ecosystem, and achieved a 60% annual auto sales increase compared to that of the previous year while witnessing remarkable international sales growth.

The group’s new energy vehicle arm, BAIC BJEV, focusing on scenario-based vehicle manufacturing, doubled the annual sales of its ARCFOX premium electric vehicle brand last year. 

Meanwhile, BAIC’s Foton Motor, leading the commercial vehicle industry, surpassed the 11 million-unit milestone in cumulative production and sales throughout 2023. With a strategic push in new energy commercial vehicles, Foton Motor sold over 40,000 new energy vehicles in the past year, representing an 84% year-on-year leap. The truck maker launched its New Energy Strategy 2.0, aiming for over 50% of new energy commercial vehicle share by 2030 and full carbon neutrality across the value chain by 2050.

BAIC Group’s joint ventures, Beijing Mercedes-Benz and Beijing Hyundai, all witnessed successful outcomes in 2023, with new models contributing to an enhanced driving experience for Chinese consumers. Notably, Beijing Hyundai successfully rolled off the 12 millionth vehicle at the end of 2023.