AutoBeta(AutoBeta.net)08/31 Report--

GAC GROUP released the 2019 semi-annual report, according to its data, GAC GROUP, together with joint ventures and joint ventures, achieved a total operating income of about 168.685 billion yuan, down 2.27% from the same period last year. The combined operating income was about 28.351 billion yuan, down 23.79% from the same period last year. The net profit was about 4.919 billion yuan, a decrease of about 28.85% over the same period last year.

In terms of sales, in the first half of this year, GAC GROUP achieved car production and sales of 948200 and 999600 respectively, down 9.49% and 1.69% from the same period last year; terminal sales of 1.0228 million vehicles, an increase of 6.79% over the same period last year, ranking among the top five in the country.

Since last year, the car market has suffered its first annual decline in 28 years, and the situation in the whole car market has been difficult to improve until August this year.

In the downmarket, GAC GROUP's sales have declined with the market. In the first half of this year, GAC GROUP's terminal sales exceeded 1.02 million, up 6.8% from the same period last year, and the key market share increased by 0.88% compared with the same period last year. This means that GAC GROUP's business scale has even expanded in the fierce competition.

Among them, Guangzhou Auto Honda and Guangzhou Auto Toyota sold 394500 and 311200 vehicles respectively, up 16.41 per cent and 21.86 per cent year-on-year. In GAC GROUP's business unit, GAC MOTOR finally reversed the situation, with terminal sales up 2.1 per cent in half a year. GAC NE's sales exceeded 14000, a year-on-year increase of 73.46 per cent.

In terms of products, the Aion S, from the new pure electric platform GEP, has more than 50, 000 orders since its launch in April, while the pure electric SUV model Aion LX was officially launched on August 29th, and a new compact pure electric SUV will be launched in March next year, when this product portfolio will bring more room for sales improvement.

Auto analyst Ren Wanfu mentioned that according to the financial report, although GAC GROUP's performance declined in the first half of 2019, the joint venture brands Guangzhou Auto Toyota and Guangzhou Automobile Honda performed brightly, and the decline in revenue and profits was mainly affected by the sharp decline in production and sales of Guangzhou Auto Fiat and its own brands.

GAC GROUP believes that in the era of stock competition, GAC GROUP's overall performance in the first half of the year is in line with expectations. GAC GROUP Chairman Zeng Qinghong said in the 2019 semi-annual report that in the first half of the year, under the background of the continuous decline of the domestic automobile market, GAC GROUP's car sales ranked among the top five in the country, and its market share increased by 0.88% compared with the same period last year. At the same time, the whole group continued to strengthen system and mechanism reform and established a more scientific and reasonable enterprise classification and evaluation system. Zeng Qinghong said that GAC GROUP will make every effort to achieve the basic goals of the 2019 business plan in the second half of the year.

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