BAIC Motor’s 2023 annual revenue rises 3.9% YoY to 197.949 billion yuan

Beijing (Gasgoo)- On March 25, BAIC Motor Corporation Limited (BAIC Motor) announced its annual performance for the year ended December 31, 2023. According to the financial report, BAIC Motor achieved a revenue of 197.949 billion yuan in 2023, representing a year-on-year rise of 3.93%.

Photo credit: BAIC Motor

The automaker’s net profit was approximately 3.03 billion yuan in 2023, reflecting a decrease of 27.8% compared to the previous year. In terms of sales, BAIC Motor sold a total of 1.042 million vehicles in the past year, which climbed up 7.3% year over year. Among them, sales of new energy vehicles reached 102,000 units, surging 46.6% from a year ago.

During the reporting period, BAIC Motor introduced over 10 new vehicle models, including the new X7, new Mofang (X6), and the all-new EU5 PLUS from the BEIJING brand, the all-new E-Class Long-Wheelbase, new-generation GLC, and the all-new EQE pure electric SUV from Beijing Benz, as well as the MUFASA, the seventh-generation Elantra facelift, and N-line models from Beijing Hyundai. This continuous product innovation strategy has contributed to sales conversion and consolidated the company's development foundation in 2023.

In terms of research and development, BAIC Motor emphasized the importance of R&D capabilities for future development. In 2023, its total R&D expenditure amounted to approximately 3.57 billion yuan, jumping 31.7% from the previous year, which was primarily driven by the increased R&D investment in new energy vehicles, including off-road models.