BAIC’s EV arm boasts 9.7% year-on-year growth in H1 net profit

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co.,Ltd, the parent company of Chinese major NEV maker BAIC BJEV, announced its first-half revenue zoomed up 76.63% from the previous year to RMB9.919 billion amongst a blooming rise of NEV sales in China.

The semi-annual net profit attributable to the public company's shareholders amounted to roughly RMB95.244 million, a year-on-year growth of 9.7%.

Nevertheless, the net profit attributable to shareholders after non-recurring gains/losses still recorded a loss of RMB123.41 million, compared with the RMB5.409 million worth of loss for the same period a year earlier.

During the reporting period, BAIC BluePark received up to RMB208 million worth of subsidy from the government, which constituted the main part of the non-recurring gains.

In the first half of the year, the NEV production and sales volume sustained a growing momentum despite an overall downturn in Chinese auto market, said the company. Its automobile sales volume for the first six months totaled 65,159 units, a remarkable growth of 21.57% from the year-ago period.

Models equipped with BAIC BJEV's Darwin technical system, such as the EU5, the EX5 and the EX3, have accounted for approximately 90% of the company's total sales. Retail sales volume of the EU Series amounted to 58,013 units for the first two quarters, representing a splendid surge of 938.7%, according to the China Passenger Car Association (CPCA). The series was also crowned the best-selling new energy PV model in China by first-half deliveries.

The first-half sales volume was still far less than the 220,000-unit sales target. For the second half of the year, BAIC BJEV is still confronted with multiple threats. Aside from the hot topic of NEV subsidy slash, the Beijing-based EV manufacturer has to tackle a more fierce competition as joint ventures, startups and premium car brands are strengthening their offensive in NEV domain (Photo source: BAIC BJEV).