GAC Group sees strong overseas growth in 2024, despite drops in revenue, net profit

Shanghai (Gasgoo)- On March 28, GAC Group officially released its 2024 financial results, reporting total revenue of 106.798 billion yuan, a year-on-year decline of 17.05%.

In the same period, the group's net profit attributable to shareholders dropped 81.4% from a year earlier to 823.582 million yuan.

Despite the downturn in revenue and net profit, GAC Group's cash reserves stood at 47.3 billion yuan as of December 31, 2024, an increase of 1.419 billion yuan from the previous year.

Photo credit: GAC Group

For the year, GAC Group's total consolidated revenue was approximately 401.65 billion yuan, with combined revenue at 107.78 billion yuan.

The group sold 2.0031 million vehicles in 2024, down 20.04% year-on-year. GAC Honda recorded sales of 470,600 units, a 26.52% decline from a year ago, with revenue falling 27.03% to 68.25 billion yuan. GAC Toyota sold 738,000 vehicles, down 22.32% over the previous year, with revenue slipping 28.34% year over year to 109.545 billion yuan.

However, GAC Group’s overseas business stood out, with exports reaching 127,000 vehicles last year, marking a 67.6% surge year-over-year. Sales of the group’s self-owned brands accounted for approximately 40% of total sales, with annual exports surpassing 100,000 units for the first time, zooming up 92.3% year-on-year.

Besides expanding in scale, GAC Group's overseas business achieved a gross profit margin of 14.72%, becoming a key growth driver amid heightened competition and profit pressure in China's domestic auto market.

GAC Group also announced that it invested over 7.5 billion yuan in R&D throughout the year, filing more than 3,200 new patent applications and bringing its total applications to over 21,000 by the end of 2024.