Shanghai (Gasgoo)– According to BAIC’s financial report, the total operating income of the first three quarters is 104.066 billion yuan, an increase of 23.63%. However, net profit attributable to the parent company is only 1.969 billion yuan, a decrease of 49.82%.
Total income in the third quarter of BAIC is of 37.3 billion yuan, an increase of 21.4% over the same period of the previous year; its net profit is 980 million yuan, a year-on-year decline of 35%. It turns a loss of 370 million yuan in the second quarter into profit. One of the most important reasons is that the profit of Beijing Benz was beyond expectation.
In the third quarter, Beijing Benz made a profit of 2.55 billion yuan, while Beijing Hyundai barely made ends meet. However, BAIC self-owned brands still suffer loss in the third quarter but its loss dropped from 2 billion yuan in the second quarter to 1.6 billion yuan.
Beijing Benz: earnings are expected to continue to grow
Official data shows that the cumulative sales of Mercedes-Benz in the first three quarters in China exceeded 460,000 units, an increase of 29% over the same period of last year. Among them, the cumulative sales of Beijing Benz increased by 15% on a year-on-year basis.
Beijing Hyundai: recovering with an uncertain future
This year, Beijing Hyundai has been declining sharply, causing a significant negative impact on the performance of BAIC Auto. But Beijing Hyundai sales pick up in the third quarter, and performance is expected to continue to recover. However, the capital market disagrees on its future.
BAIC Self-owned Brands: Adjusted to prepare for the return to A shares
In the first three quarters, BAIC self-owned brands reduced in the losses, but the situation is still difficult. BAIC self-owned brands have become its biggest drag for BAIC Auto to return to the A-share market. Some media reports said that BAIC will make a series of adjustments to its own businesses. At the same time, they will vigorously develop new energy vehicles business.
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