BAIC BluePark forecasts net loss for first half of 2022

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co., Ltd. (“BAIC BluePark”), the parent company of Chinese NEV maker BAIC BJEV, expects to record a net loss attributable to shareholders of 1.8 billion yuan-2.2 billion yuan ($266.876 million-$326.182 million) for the six months ended June 30, 2022, according to an announcement it released on July 14.

Excluding the impact of certain non-recurring gains and losses, the company's semi-annual net loss attributable to shareholders were likely to stand between 1.85 billion yuan-2.25 billion yuan ($274.29 million-$333.595 million).

By comparison, BAIC BluePark logged a net loss belonging to shareholders of 1,813,426,900 yuan ($268.867 million) for the first half of 2021, while the net loss after deduction of non-recurring profit and loss reached 2,097,432,400 yuan ($310.975 million) for the year-ago period.

ARCFOX αS; photo credit: ARCFOX

The company explained that, in the first half of this year, the auto industry faced such challenges as chip shortage, rise on raw materials prices, and the coronavirus resurgence, which had an impact on its financial and operational performances.

In spite of the year-on-year growth in Jan.-Jun. NEV sales, the scale effect is yet to emerge in BAIC BluePark's NEV business, the company said. In addition, the automaker continued to increase investment in R&D works and the building of branding and sales channels, partly leading to the semi-annual net loss.

For the first six months of 2022, BAIC BJEV saw its cumulative auto outputs soar 181.97% from a year earlier to 6,082 units, while its vehicle sales amounted to 17,010 units, shooting up 144.43% compared to the same span of 2021.