AutoBeta(AutoBeta.net)08/27 Report--

BAIC Langu officially released its 2019 semi-annual report. According to the report, revenue in the first half of this year reached 9.9 billion yuan, an increase of 76.63 percent over the same period last year, and net profit was 95.24 million yuan, up 9.7 percent over the same period last year. Net profit after deducting non-recurring profit and loss is still a loss of 123 million, compared with a loss of 54.09 million yuan in the same period last year. Non-recurrent gains and losses mainly come from government subsidies, and BAIC Langu received a government subsidy of 208 million during the reporting period.

BAIC said that the development of new energy vehicles faced a more complex situation in the first half of this year. On the one hand, the state has increased its support for the new energy vehicle industry, the "double points" policy of new energy vehicles has been formally implemented, and the market development driving force of new energy vehicles has gradually changed from policy traction to market drivement. the development of new energy vehicle industry tends to be better on the whole. On the other hand, the competition of new energy vehicles is becoming increasingly fierce, in addition to independent enterprises and traditional car enterprises, there is also the gradual pressure of the new forces of car building. the sharp decline of state subsidies for new energy vehicles has a great impact on the company's product structure adjustment, customer structure adjustment, product pricing and marketing.

In the first half of 2019, with the decline of the overall development trend of the automotive industry, the production and sales of new energy vehicles still maintained a trend of growth. In the first half of 2019, the company sold 65159 vehicles, an increase of 21.57% over the same period last year.

In the first half of this year, BAIC launched EX5 and EX3 successively, and the EU5 model based on Darwin system sold 47000 vehicles, accounting for 90% of the total sales. In the second half of this year, Beijing brands will focus on Zhida X3, EX5, EU7 and other models, of which the new model EU7 will be put on the market later this year; Beijing Mercedes-Benz plans to launch long-wheelbase GLC SUV medium-term revamped models, brand new GLB SUV, EQC pure electric SUV and other products; Beijing Hyundai plans to launch Anchino pure electric models, the new ix25 SUV, the 10th generation Sonata and other new models.

Despite the growth in sales in the first half of the year, BAIC New Energy is still a long way from the sales target set at the beginning of the year. At the same time, BAIC New Energy still faces many challenges.

Since June 26, 2019, the subsidy standard for new energy vehicles in 2019 has been formally implemented, while local subsidies have been abolished. Compared with 2018, the comprehensive subsidy has dropped by more than 60%, which will have a greater adverse impact on BAIC's new energy operation in the second half of the year.

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