BAIC operating profit for the partial year

BAIC GROUP reports an increase in profit and operating income in the first half of 2023.

BAIC Group recently released its half-year financial results, showing impressive growth and success in the first half of 2023. The company's operating profit amounted to 238, 89 billion yuan, representing a significant year-on-year growth of 15, 9%. Total profit also increased by 16% year-on-year. Car production reached 816,000 units, a year-on-year increase of 24, 1%, and complete car sales reached 819,000 units, showing a year-on-year increase of 22, 2%.

As for passenger cars, BAIC Motor showed growth, with sales up 108, 4% year-on-year. Notably, gasoline cars, electric cars and SUVs rose by 204, 9%, 63, 3% and 32, 5% respectively. Similarly, BAIC's New Energy brand, Arcfox, achieved a finominal year-on-year sales increase of 81, 97%. BAIC Group also excelled in overseas markets, with passenger car exports up 235% year-on-year.

As for the joint venture's passenger cars, BAIC Group said that profits from Beijing Benz and Mercedes-Benz sales exceeded expectations; Hyundai sold 123,300 vehicles in the first half of the year, up 13% year-on-year. Notably, the base models Elantra, ix35 and Tucson exceeded the combined sales of 100,000 units.

In the commercial vehicle sector, Foton showed good results with 305,000 vehicles sold in the first half of the year, representing a year-on-year growth of 21, 5%. Foton also showed strong export performance, with a 30, 8% year-on-year growth of 60,000 vehicles.

In addition, foreign market orders for BAIC Group's parts sector exceeded 10 billion yuan. The service trade sector ranked in the top ten of "China's Top 100 Automobile Dealers" for the first time, and the overseas logistics volume exceeded 15,000 vehicles.

To promote innovation and development, BAIC Group plans to invest more than 50 billion yuan in research and development over the next five years. Notable new products in the first half of this year include the world's first intelligent family car, Arcfox KAOLA, and the Arcfox αS Forest Edition model. The Arcfox αS version features intelligent navigation assistance in many areas. Beijing Benz introduced the new GLC and EQE SUVs, with the first EQE SUV exported for trial fitting and shipment to Germany. Hyundai introduced the MUFASA smart home SUV. Foton introduced the "Aumark I Blue" technology brand, and BAIC Trucks launched China's first digital twin heavy truck factory (DT@ifactory).

In terms of low-carbon green development, BAIC Group announced that Fujian Benz has achieved carbon neutrality in production, becoming the first manufacturing enterprise in Fujian Province to utilize 100% green electricity. BAIC Group currently has 17 national-level green factories, 2 national-level green supply chains and 3 enterprises with environmental performance level A. The company aims to build zero-carbon factories by 2025.