In 2024, BAIC Group achieved annual vehicle sales of 1.71 million units and logged annual revenue of over 480 billion yuan. These impressive results reflect the automaker's ongoing efforts in exploration and innovation.
Amid intensifying competition in the automotive industry, BAIC Group launched its three-year action plan, aiming to exceed 3 million units of annual vehicle sales in 2027. This includes a target of 2 million units from wholly-owned brands, and over 50% of new energy vehicles (NEVs).
To achieve these targets, BAIC Group invested heavily in R&D, with R&D spending exceeding 13 billion yuan in 2024, focusing on key areas such as chips, smart cockpits, and intelligent driving technologies.
In addition to technological innovation, BAIC Group actively expanded its network of partnerships last year. Notably, the company collaborated with Huawei to co-develop the STELATO high-end NEV brand and worked with Pony.ai and Horizon Robotics to explore intelligent driving solutions.
BAIC Group's various brands also demonstrated strong performance across the board. The ARCFOX premium NEV brand, driven by models such as the α S5, α T5, and KAOLA, achieved a remarkable 170% year-on-year soar in annual sales. In the commercial vehicle segment, Foton Motor withstood market competition, launched new products on schedule, and retained its leadership in sales.
Gasgoo's year-end review highlights key achievements of leading automotive enterprises. This report takes a closer look at BAIC Group's major events in 2024.
Wheels of Change: the Story of BAIC Group (Part 1)
Currently, there are five major business segments under BAIC Group, which are BAIC BJEV, BAIC Motor, BAIC Foton, Beijing Benz Automotive Co. (BBAC), and Beijing Hyundai Motor.
Wheels of Change: the Story of BAIC Group (Part 2)
Electrification and intelligentization has fundamentally transformed the automotive industry, prompting all car manufacturers to reposition themselves and continuously enhance their capabilities. BAIC Group is also seeking breakthroughs. In 2024, BAIC Group announced plans to invest at least 50 billion RMB in R&D over the next five years, with a focus on new energy and intelligence.
BAIC Group logs annual sales volume of over 1.71 million vehicles in 2024
On January 11, BAIC Group held its 2025 work conference, revealing its 2024 performance. The group achieved vehicle sales exceeding 1.71 million units last year, with revenue surpassing 480 billion yuan.
BAIC BJEV receives 8.15-billion-yuan capital injection
On December 24, BAIC BluePark announced the completion of a capital increase in its subsidiary, BAIC BJEV, raising 8.15 billion yuan from 11 strategic investors. Despite the infusion, BAIC BluePark remains the controlling shareholder, though its stake in BAIC BJEV has dropped from 99.99% to 71.69%.
BAIC puts BJ30 new energy SUV onto UAE market
Chinese automaker BAIC Motor (BAIC) recently held a product launch event in Dubai, UAE, officially introducing its BJ30 SUV to the local market.
BAIC Group, Hyundai Motor to co-invest $1.095 billion in Beijing Hyundai
On December 11, BAIC Capital, the investment arm of Chinese automaker BAIC Group, and Hyundai Motor jointly announced an additional investment of $1.095 billion (approximately 8 billion yuan) into their joint venture, Beijing Hyundai, aiming to enhance competitiveness in China and drive strategic transformation.
BAIC Group announces $70.35 million investment in Pony.ai
On November 29, BAIC Group officially announced a strategic investment of $70.35 million in autonomous driving company Pony.ai.
BAIC Motor launches 8 vehicle models in Bahrain
On November 12, BAIC Group inaugurated its first BAIC brand showroom in Bahrain, marking another significant step in its Middle Eastern expansion following a similar launch in Qatar.
Pony.ai, BAIC BJEV to co-develop L4 Robotaxi based on ARCFOX αT5
On November 2, autonomous driving solution provider Pony.ai and the new energy vehicle arm of BAIC Group, BAIC BJEV, formed their partnership on developing L4 autonomous vehicles.
BAIC Group partners with Alkan Auto to build EV assembly plant in Egypt
BAIC Group recently signed an MoU (memorandum of understanding) with Alkan Auto, a subsidiary of Egyptian International Motors, to establish an electric vehicle (EV) assembly plant in Egypt.
BAIC BluePark posts semi-annual revenue of 3.714 billion yuan in H1 2024
On August 26, BAIC BluePark New Energy Technology Co., Ltd. (BAIC BluePark) released its financial report for the first half of 2024 (H1 2024), showing a revenue of 3.714 billion yuan, marking a 35.16% year-on-year decline.
Huawei, BAIC-developed STELATO S9 electric sedan hits market, starting at 399,800 yuan
On August 6, 2024, Huawei officially put the STELATO S9 flagship luxury electric sedan onto the market. STELATO is the collaborative brand between Huawei's Harmony lntelligent Mobility Alliance (HIMA) and BAIC Group. The STELATO S9 comes in two variants, the S9 Max, priced at 399,800 yuan, and the S9 Ultra, priced at 449,800 yuan.
BAIC Group receives 100-billion-yuan credit line from Bank of China
Chinese automaker BAIC Group and the Bank of China recently signed a strategic cooperation agreement. Under which, the Bank of China’s Beijing branch will provide BAIC Group with a strategic cooperation credit line of 100 billion yuan.
BAIC Group, CATL deepen strategic cooperation in battery swap businesses
On June 18, Chinese automaker BAIC Group and battery giant CATL signed an agreement to deepen their strategic cooperation in the new energy sector, aiming to enhance their core competitiveness.
BAIC Group among first to join China's L3 intelligent connected vehicle pilot program
On June 4, China's Ministry of Industry and Information Technology (MIIT), Ministry of Public Security, Ministry of Housing and Urban-Rural Development, and Ministry of Transport jointly announced the launch of the "Intelligent Connected Vehicle Access and Road Pilot Consortium." BAIC Group has been selected as one of the first automakers to join this pioneering initiative.
BAIC Motor puts three car models onto Egyptian market
On May 29, BAIC Motor launched three new models, the U5 PLUS, the Mo Fang (BEIJING 5), and the new X7, and showcased the BJ40, BJ60, and BJ80 off-road models in Cairo, Egypt. This event also marked the opening of BAIC's first flagship store in Egypt.
BAIC Motor launches BJ40 PLUS, X55 models in Indonesia, Malaysia
During May 14 to 16, BAIC Motor officially put the BJ40 PLUS and X55 models onto the markets of Indonesia and Malaysia, marking a new chapter in the BAIC brand's global development.
BAIC Group, CATL, Xiaomi EV to co-build battery cell factory
Three subsidiaries of BAIC Group will join forces to establish a platform company, collaborating with CATL and Xiaomi to build a battery cell factory.
BAIC Group, Bosch, SinoHytec co-build CAVAN new energy commercial vehicle brand
New energy commercial vehicle brand CAVAN was officially launched through a collaboration between Foton Motor, Bosch's investment arm Bosch Venture Capital, Boyuan Capital, SinoHytec, and BAIC Capital, according to a WeChat post on BAIC Group's official account on January 28.
