BAIC Motor’s revenue in the first three quarters was 141.9 billion yuan, and shareholders’ net profit increased by 20.43% year-on-year

On the evening of October 26, BAIC Motor Co., Ltd. (BAIC Motor, 01958.HK) released the third quarter results announcement for 2022. The data shows that from January to September this year, BAIC Motor achieved revenue of 141.877 billion yuan, a year-on-year increase of 14.53%. , cash flow from operating activities continued to turn positive, net profit increased by 13.55% to 12.468 billion yuan, and net profit attributable to shareholders of the parent company reached 3.215 billion yuan, a year-on-year increase of 20.43%.

The performance of its four brands has risen to varying degrees

In the third quarter of 2022 , the four passenger car brands of Beijing Auto , Beijing Benz, Beijing Hyundai, and Fujian Benz all showed different levels of performance growth, making Q3 a “heavy-volume engine” that drives annual profits.

Data show that in the third quarter, BAIC Motor sold a total of 296,000 vehicles, a year-on-year increase of 62.2%, higher than the industry average. Among them, the sales of self-owned brand electric vehicles accounted for more than 30%, and the performance was particularly outstanding; on the other hand, the brand-new masterpiece of self-owned brands, equipped with Harmony OS intelligent operating vehicle system, the first model of the 3.0 era of smart cars,” Rubik’s Cube, The market’s attention is constantly increasing.

Beijing Benz sold more than 66,000 vehicles in September this year, a year-on-year increase of 142.37%. The main models such as the long-wheelbase C-class car, the long-wheelbase E-class car, and the long-wheelbase GLC SUV lead their respective market segments. With the launch of the new EQE, the market vitality of domestic Mercedes-Benz pure electric models is also further released, laying a solid foundation for the realization of “full electric”; Fujian Benz continues to maintain a steady growth trend. Car Vito, sales in September increased by 5.74% year-on-year and 26.95% month-on-month, consolidating its leading position in the market segment.

Beijing Hyundai’s sales continued to increase month-on-month for 4 months. Its total sales in September exceeded 30,000 units. From July to September, the sales of the seventh-generation Elantra exceeded 10,000 units for three consecutive months. The sales of ix35 & Tucson L exceeded 13,000 units in September. The rapidly recovering sales volume significantly improved Beijing Hyundai’s profit and loss and continued to improve.

Taking multiple measures to ensure future competitiveness

In March this year, the national standard “Automotive Driving Automation Classification” was officially implemented. The continuous attention of policies, the continuous iteration of technology, and the increase in the market’s awareness and willingness to purchase smart electric vehicles have accelerated the conception and layout of intelligent development by car companies.

Against the background of fierce market competition and uncertainties caused by the “black swan” incident, BAIC Motor took the initiative to seek changes and tried to “turn an elephant” to significantly reduce management costs while maintaining stable R&D investment. In the new track, we will accelerate transformation and upgrading, optimize industrial layout, promote product iteration, and enhance market competitiveness and operating capabilities.

In the third quarter, BAIC Motor accelerated the electrification and intelligentization of its various brands, and reinvested R&D funds to deploy new tracks. Oriented by user needs, it focuses on the innovation of new energy and intelligent network technology systems, optimizes the product structure, and seeks new breakthroughs in the brand and market. At present, BAIC Motor’s @me intelligent platform will take “scenario-based cockpit + Internet of Vehicles + autonomous driving” as the core transformation direction to provide users with a smart travel experience. In terms of power routes, BAIC Motor has fully deployed fuel, hybrid and pure electric drive technology platforms.

In addition, according to the statistics and analysis of the China Association of Automobile Manufacturers, my country’s auto exports hit a record high in August, exceeding 300,000 vehicles for the first time in history, indicating that “Made in China” still has obvious advantages overseas, and it has also created a good opportunity for Beijing’s auto products to accelerate overseas. From January to September , BAIC Motor took advantage of the wind and achieved its annual target ahead of schedule. In September, BAIC Motor’s overseas exports increased by 233.63% year-on-year , and Beijing Rubik’s Cube, which was just launched in July, also represents the “new generation of China” to compete in overseas markets. .

It is not difficult to see that BAIC Motor is driving performance growth through multiple efforts. Inward, it cultivates internal strength, strengthens research and development, and reduces costs and increases efficiency; outwardly, it expands the international market to meet the incremental market demand. Under this policy, each brand takes a step-by-step approach, and the company as a whole presents a high-spirited attitude.

On the whole, the operating quality of BAIC Motor has shown an obvious upward curve in the third quarter, laying a good foundation for the next development.