The latest statistics from China Association of Automobile Manufacturer Industry shows that between January to May, Beijing Auto Industry Company (BAIC) has sold 300,000 units of vehicles, ranking fifth in the automobile industry, with a profit growth of 54%. However, production and sales growth were only 2.61%, lower than the average industry growth rate.
According to industry analyst, Beijing Auto holdings has experienced rapid growth in recent years, thanks to the popularity of Hyundai model, a joint-venture production between Beijing Auto and Kia. Beijing Auto growth rate is expected to slow down due to factory production reaching maximum capacity. The second factory is currently under construction..
BAIC is expected to achieve sales target of 550,000 units and sales income of 52 billion yuan by the end of September.
Beijing Hyundai sales are expected to achieve 200,000 units between January to September; Beijing Benz sales are expected to reach 40,000 units with a sales revenue of 10 billion yuan.
Meanwhile, the Group is building a R&D institute in Beijing, which will be completed by the end of June, to develop new models for 2008.
To ensure continuous product innovation, the construction of its Beijing based R&D institute is scheduled to be completely by end of June,.
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