GAC-backed OnTime posts 14% YoY increase in 2024 annual revenue

Beijing (Gasgoo)- On March 27, Chenqi Technology Limited ("OnTime"), the mobility service provider backed by GAC Group, released its 2024 annual performance report, showcasing stable and high-quality growth driven by its operational expertise and flexible market strategies.

Photo credit: OnTime

The company reported revenue growth and a sharp increase in gross profit margin, with both core and innovative business segments showing strong momentum. In 2024, OnTime recorded total revenue of 2.463 billion yuan, marking a 14% year-on-year increase. The company's gross profit margin surged by 80% compared to the previous year, with continuous improvement in key financial indicators.

Revenue from ride-hailing and Robotaxi services, OnTime's main business, rose by 21.2% year on year. The annual order volume exceeded 100 million rides, reflecting a 15.7% jump from a year ago, while total transaction value reached 2.979 billion yuan, up 8.7% year-over-year. Meanwhile, technology service revenue increased by 2.7% from the year-ago period, and R&D expenditure grew by 18.8% year-on-year, which was primarily allocated to Robotaxi and operational R&D, and testing personnel costs.  

OnTime's Robotaxi services have expanded to key locations, including Nansha in Guangzhou, Bao'an and Nanshan in Shenzhen, and the Hengqin Guangdong-Macao In-Depth Cooperation Zone. As of February 2025, the platform operated over 300 Robotaxis. In the Guangdong-Hong Kong-Macao Greater Bay Area, OnTime's fleet has surpassed 2 million kilometers of safe operations across more than 3,000 service points. In Guangzhou's Nansha District alone, cumulative orders have exceeded 40,000.