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Guangzhou Auto Group's revenue 10.765 billion new energy vehicle sales increased 83% in the first quarter compared with the same period last year
Apr 29,2020 10:45CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM4, April 29: April 28, Guangzhou Auto Group released the first quarterly report 2020. According to the report, GAC's revenue in the first quarter was 10.765 billion yuan, down 24.48% from a year earlier, and the net profit attributable to shareholders of listed companies was 118 million yuan, down 95.73% from the same period last year. Basic earnings per share were 0.01 yuan, down 96.3 percent from the same period last year.

In terms of sales, Guangzhou Auto Group produced and sold 264900 and 306100 vehicles in the first quarter of 2020, down 43.88 percent and 38.13 percent respectively from the same period last year, and sales were better than the industry average. Guangzhou Auto Group produced and sold 109500 and 110500 vehicles in March, an increase of 532.69 percent and 471.04 percent over the previous month, and sales from January to March were better than the industry average of 4.31 percent. Among them, sales of new energy vehicles in China fell 50% in March from a year earlier, and GAC New Energy achieved "three consecutive increases against the trend" in the first quarter of 2020, in sharp contrast to the market, with cumulative sales of nearly 8000 units, an increase of 83% over the same period last year. In the first three months, the year-on-year growth rates were 53 per cent, 100 per cent and 121 per cent, respectively.

A total of 19 new and modified models will be launched in 2020. Guangzhou Automobile passenger cars in April have released Chuanqi GS4 new energy, Chuanqi GS8S two new cars, Chuanqi GS4 Coupe will also be listed in May; Aion V (Ean V), a subsidiary of GAC New Energy, opened for pre-sale on April 27. The model is based on GAC New Energy GEP 2.0 platform and is divided into three versions: 60 standard version, 70 long version and 80 ultra-long version. Under NEDC conditions, the mileage is 400km, 530km and 600km respectively. The pre-price of the subsidized version starts at 170000 yuan.

According to the financial report, Guangzhou Auto Honda and Guangzhou Automobile Toyota reached capacity utilization of about 120% and 140%, respectively, some models are in short supply, so the "two fields" are expanding capacity. GAC Toyota will build a fifth production line with a planned annual production capacity of 200000 vehicles. The second phase of the Guangzhou Automobile Honda cheng plant capacity expansion project was also put into production in February, with an annual production capacity increase of 120000 vehicles.

Guangzhou Auto Group said that as of April 8, GAC's 190 investment enterprises, 66 logistics suppliers, its brands totaling more than 2500 sales stores and 2500 first-level suppliers of spare parts have all resumed work, and the 15 key projects under construction have been fully resumed.

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