BAIC BluePark sees Q1-Q3 revenue grow 78.64%, but net profit plunges

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co., Ltd announced its net loss attributable to the listed company's shareholders for the first three quarters totaled RMB270 million ($38.3 million), versus a net profit of RMB130 million ($18.5 million) from the year-ago period.

Meanwhile, the Q1-Q3 revenue leaped 78.64% year on year to around RMB17.48 billion ($2.48 billion), the company reported on October 30. In addition, the net loss excluding non-recurring gains and losses amounted to RMB940 million ($133 million).

The steady growth in operating income was substantially linked to the sales increase of its subsidiary BAIC BJEV. According to the latest sales report, the NEV arm saw its vehicle sales in the first nine months total 98,382 units, up by 20.45% compared with the year-ago period.  

The product restructuring was one of the major factors contributing to the revenue surge. The EU series, which features higher position and higher prices than the EC series, has already become the mainstay model. For the first nine months, the BAIC EU series was once again crowned the best-selling China-built NEV model with its retail sales skyrocketing 484.6% year on year to 74,303 units, according to the China Association of Automobile Manufactures (CAAM).

Besides, China's BAIC Group launched its self-owned PV brand “BEIJING” on October 15, which integrates businesses of the NEV arm BJEV and BAIC Motor's domestic brands. “BEIJING” will serve as the group's platform for mid-to-high-end products, which is expected to increase BluePark’s revenue.

However, the parent company estimated an annual net loss in 2019 as the Chinese government scaled back new energy subsidies (photo source: BAIC BJEV).