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BAIC New Energy, a subsidiary of BAIC Blue Valley, recently released KuaiBao's production and sales in October 2019. Data show that the company sold 8601 vehicles in October, down 69% from a year earlier, and accumulated sales of 106983 vehicles this year, down 2.42% from a year earlier. It is worth noting that BAIC's new energy sales in the first nine months of this year still increased by 20.45% compared with the same period last year.

According to the report, Beijing's production of new energy vehicles in October was 1798, compared with 19369 in the same period last year, down 90.7 percent from the same period last year. This year's cumulative production was 24551, compared with 81358 in the same period last year, down 69.82 percent from the same period last year.

It can be seen that BAIC's new energy sales are nearly five times its output, which means that there are still a lot of vehicles in stock. Unlike before, BAIC's cumulative sales this year were still in a state of substantial growth last month, but only by the decline in October, BAIC's cumulative sales this year have changed from growth to decline. according to its previously released sales target of 220000 vehicles in 2019, there is a big gap, with a current completion rate of only 49 per cent.

Prior to this, senior executives, including Deputy Secretary of the BAIC New Energy Party Committee, spokesman Lian Qingfeng, Deputy General Manager of BAIC New Energy and General Manager of the Marketing Company Li Yixiu, said there was no problem for the 2019 annual sales target. But with less than two months left in 2019, it is inconceivable that 120000 vehicles have been sold in two months, an average of 60, 000 a month, nearly seven times the current sales.

After being replenished by the national new energy, most of the sub-new energy car companies began to be depressed. According to the latest data released by the Federation of passengers, sales of new energy passenger vehicles in October were 63000, down 46.0% from the same period last year, almost halving. Of these, the wholesale number of pure electric passenger cars was 51000, a year-on-year drop of 46 per cent, and a 44 per cent drop in mixed models.

According to BAIC's third-quarter results, the company's operating income in the first three quarters of this year was 17.484 billion yuan, up 78.64% from a year earlier, but its net profit lost 270 million yuan, down 303.55% from a profit of 133 million yuan in the same period last year. Although the revenue increased sharply, the net profit fell sharply and turned from profit to loss.

It is worth mentioning that with the official landing of the BEIJING brand on October 15, BAIC Saab, which has hit the bottom, and BAIC New Energy, which is facing the impact after the subsidy retreat, will work together to resist the cold winter of the car market, integrate brands and stay warm. As for the sales target after the merger, how will it be calculated?

Under the dual influence of the current cold environment of the domestic car market and the return of compensation, the future development of new energy will also become more difficult, and the latest foreign-funded car companies issued by the State Council will be given the same treatment. Will domestic new energy car companies suffer a greater blow?

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