SMM10, March 31-BAIC Blue Valley released its third quarter results on October 30. The report shows that in the first three quarters of 2019, the total revenue of BAIC Blue Valley reached 17.484 billion, an increase of 78.64% over the same period last year. Among them, the third quarter revenue reached 7.564 billion, an increase of 81.26% compared with the same period last year. In terms of net profit attributable to shareholders of listed companies, BAIC New Energy changed from profit to loss, with a loss of 270 million yuan, compared with a profit of about 133 million yuan in the same period last year, down 303.55 percent from the same period last year.
As for the sharp fall in profits, BAIC Blue Valley said that the conversion of profits to losses is mainly affected by the market downturn and subsidies.
BAIC Blue Valley said the steady growth in revenue was due to increased sales and restructuring of its subsidiary BAIC New Energy. Between January and September, BAIC's cumulative new energy sales reached 81678 vehicles, up 20.45 per cent from a year earlier, according to KuaiBao, production and sales in September released by BAIC Blue Valley.
BAIC Blue Valley achieved steady revenue growth in the third quarter, thanks in part to the steady growth in new energy sales of its subsidiary BAIC. BAIC sold 98382 vehicles in the first three quarters, up 20.45 per cent from a year earlier, according to public data. Among them, EU5 models accounted for the top sales of pure electric segment for five months in a row, with cumulative sales of 67750 vehicles in the first three quarters of this year, accounting for about 83 per cent of BAIC's overall sales of new energy. In terms of product structure adjustment, the main products of BAIC New Energy have been adjusted from EC series to high-end pure electric model EU series. BAIC new energy general manager Ma Fanglie previously given data show that BAIC new energy A0 class or above models account for 80%, the average price of more than 120000, revenue growth is much higher than sales growth.
On October 15 this year, BAIC Group's BEIJING brand (BAIC New Energy and BAIC Shanbao integration) officially landed, the future will be mainly responsible for the production and sales of high-end products, which also has a certain role in promoting the revenue of BAIC Blue Valley.
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