Beijing (Gasgoo)- 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%.
The funds will be allocated to repaying debts, operational expenses, and business investments, aiming to enhance competitiveness and optimize capital structure. Alongside the prior 2 billion yuan investment by BAIC Group, BAIC BJEV's total fundraising for this round amounts to 10.15 billion yuan.
The capital injection temporarily will ease financial strain for BAIC BJEV, which reported an annual revenue of 15.186 billion yuan in 2023 but incurred a net loss of 2.184 billion yuan. In the first half of 2024, BAIC BJEV's revenue reached 4.527 billion yuan, with a net loss of 1.12 billion yuan.
BAIC BluePark, however, faces deeper challenges, with a net loss of 4.49 billion yuan in the first three quarters of 2024, which dropped 38.2% year on year.
On a positive note, sales have shown recovery. In November, BAIC BluePark sold 15,198 vehicles, representing a 58.48% year-on-year surge. The company's cumulative sales from January to November this year reached around 97,000 vehicles, jumping 36.57% from a year ago.
Its premium electric vehicle brand, ARCFOX, logged monthly sales over 10,000 units for four straight months since August this year. In November, ARCFOX sold 11,122 vehicles, amounting to a year-to-date volume of around 69,000 units, which soared 213.4% year on year.
