GAC Group's revenue in Q3 2024 grows 15.41% quarter on quarter

Published: Oct 31, 2024 18:29

Source: gasgoo

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GAC Group's Q3 revenue reached around 28.233 billion yuan, marking a quarter-over-quarter increase of 15.41% but a 21.73% drop year-over-year.

Shanghai (Gasgoo)- On October 30, GAC Group released its financial report for the third quarter (Q3) of 2024, reporting consolidated revenue of 74.04 billion yuan for the first nine months of the year, a 24.18% decline year-over-year. Its Q3 revenue reached around 28.233 billion yuan, marking a quarter-over-quarter increase of 15.41% but a 21.73% drop year-over-year.

According to the China Association of Automobile Manufacturers, China's vehicle sales in Q3 reached 7.524 million units, up 2.7% from the previous quarter. During the same period, GAC Group achieved sales of 474,300 vehicles, a 3.9% increase over the previous quarter. Year-to-date, GAC Group's wholesale and retail vehicle sales totaled 1.335 million and 1.433 million units, respectively, with new energy and energy-efficient vehicles representing over 44% of sales—a 4% increase from last year.

Amid intensified competition in the automotive sector, GAC Group has been accelerating its international business expansion. Its exports for the first three quarters reached 95,000 vehicles, reflecting a robust 112.0% spike year-over-year. Its hotter-selling models have expanded into key regions, including Central Asia, Southeast Asia, Africa, and the Americas. The global release of the second-generation AION V underscores GAC Group’s entry into a new growth phase on the international stage.

Beyond exports, GAC Group is advancing localized production in key markets such as Southeast Asia. Its new plant in Indonesia is expected to commence operations early next year, complementing its existing Thai facility to form a dual-production hub to serve Southeast Asia and other global markets.

GAC Group has also made significant strides in the intelligent driving space. Through investments in over 50 companies across the smart driving ecosystem—including smart computing solution developer Horizon Robotics, LiDAR company RoboSense, Black Sesame Technologies, DiDi Autonomous Driving, WeRide, and Pony.ai—GAC Group has positioned itself in key technology sectors such as Robotaxi operations, in-car AI chip development, LiDAR, and autonomous driving. This year, five GAC-backed smart driving tech companies have gone public, with ONTIME (also known as Chenqi Technology Limited), Horizon Robotics, and WeRide completing IPOs on the Hong Kong Stock Exchange and Nasdaq in the second half of the year.

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