GAC Group aims to gain 10% YoY growth in annual auto sales of 2024

Shanghai (Gasgoo)- GAC Group announced in a press release that the 55th meeting of its sixth board of directors took place at the GAC Center on December 21. The group anticipates achieving approximately 2.513 million and 2.5 million vehicles in automobile production and sales for the year of 2023, marking a year-on-year growth of 1.3% and 2.7%, respectively.

A notable highlight is the projection of around 890,000 vehicles in sales for the group's self-owned brands, with new energy vehicles accounting for approximately 58% of this total—a historic high that surpasses GAC Group's target of "new energy vehicle accounting for 50% of wholly-owned brands' sales by 2025" two years ahead of schedule.

The board meeting also saw the approval of the "Proposal on GAC Group's 2024 Operating Plan", outlining the group's ambitious goal to challenge a 10% year-on-year growth in overall sales for 2024. Within this, the group's wholly-owned brand sales are expected to exceed 1.1 million units, reflecting a remarkable year-on-year growth of over 22%.

GAC AION to achieve solid-state battery production in 2026; photo credit: GAC Group

2023 stands as a significant year for GAC Group, marked by significant achievements across various fronts. In research and development (R&D), the group secured 2,768 new patents, with nearly half being invention patents. GAC AION made a breakthrough in solid-state battery technology, with plans for mass production slated for 2026.

Unveiling ceremony of Guangdong Province Key Laboratory for Automotive Electronic and Electrical Architecture; photo credit: GAC Group

On the intelligent technology front, GAC Group engaged in the establishment of the Guangdong Province Key Laboratory for Automotive Electronic and Electrical Architecture and completed the development of the Xingling electronic and electrical architecture that showcases advancements with a tenfold increase in data transmission speed and a 50-fold increase in maximum computing power. Besides, GAC's AI large model platform debuted in the group's intelligent voice interaction scenarios and underwent public testing in Hyper-branded models, significantly enhancing voice interaction capabilities. Regarding the forward-looking technologies, the electric vertical take-off and landing vehicle (eVTOL) dubbed the Gove, which stands for "GAC, On the Go, Vertical, and EV," was unveiled during the group's Tech Day event in April, and conducted its maiden flight.

In the complete vehicle sector, main auto manufacturers under GAC Group successfully launched over 20 new vehicle models in total throughout the year, showcasing a commitment to continuous innovation and meeting diverse consumer needs.

A standout achievement comes from GAC Trumpchi, which is rapidly accelerating its transition to new energy vehicles, achieving sustained profitability. The Trumpchi MPV family, trusted by over 500,000 users as of today, has secured an impressive market share in China exceeding 20%.

GAC AION's Hyper-branded models; photo credit: GAC Group

Simultaneously, GAC AION is actively promoting the independent operation of its Hyper brand and expediting its international business expansion. In a significant eco-friendly stride, GAC AION has also completed the construction of GAC Group's first zero-carbon factory.

Furthermore, GAC Honda has reached a milestone by surpassing cumulative production and sales of over 10 million vehicles. It has successfully resumed the export of complete vehicles, with an annual export volume exceeding 20,000 units.

GAC Group is also intensifying its efforts in internationalization, having established a global R&D network spanning three countries and five locations. With market presence in the Middle East, the Americas, Africa, Southeast Asia, and Eastern Europe, the company has adopted a multi-channel approach, featuring standard stores, satellite stores, and service centers. The group expects 167 overseas sales outlets to be deployed by the end of this year. In addition, GAC AION is strategically focusing on the Southeast Asian market, emphasizing localized operations and targeting the export of 3,500 new energy vehicles through the year of 2023.