BAIC Blue Valley's net profit in 2019 increased by 25.54% over the same period last year to 92.0101 million yuan

SMM: on the evening of April 20, BAIC Blue Valley New Energy Technology Co., Ltd. (hereinafter referred to as "BAIC Blue Valley") released 2019 results show that 2019 achieved operating income of 23.589 billion yuan, an increase of 30.39% over the same period last year; the net profit attributable to shareholders of listed companies was 92.0101 million yuan, an increase of 25.54% over the same period last year.

BAIC New Energy, a subsidiary of BAIC Blue Valley, sold 150600 vehicles in 2019, ranking first in pure electric vehicle sales in China, according to the announcement. At the same time, the product structure is further optimized. With the gradual retreat of new energy subsidies, BAIC New Energy began to adjust from the initial national car brand of less than 100000 yuan to the middle and high end brand of more than 120000 yuan in 2019, of which the sales of middle and high end models represented by EU5 accounted for more than 80%.

In addition, BAIC Blue Valley pointed out in the announcement that the new energy vehicle industry will face three kinds of pressure in 2019: first, the continuous downward pressure on the automobile market; second, the sharp decline in subsidies for new energy vehicles will lead to the pressure of greater market fluctuations due to the lack of market confidence; and third, the competitive pressure of foreign brands, new forces, and domestic traditional automobile enterprises to enter the new energy source automobile industry one after another. At the same time, new energy automobile enterprises are facing the pressure of electric and intelligent technological innovation, new generation product research and development, market share expansion pressure, new energy enterprise management is facing great challenges, but this is a necessary stage for the spiral upward development of emerging industries.

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