Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on April 28, GAC GROUP (601238.SH 02238.HK) released a report for the first quarter of 2023, with total operating income of 26.393 billion yuan, an increase of 14.03% over the same period last year, and a cumulative net profit of 1.538 billion yuan.

In terms of R & D, GAC GROUP invested 39.5 billion yuan in independent R & D, with more than 100000 employees and more than 66% of young employees, including more than 600 overseas young people and 4500 independent R & D teams, with an average age of 33. GAC GROUP plans that by 2025, the R & D team will exceed 6400, of which more than 3000 will be specialized scientists and technicians of Intelligent Network Alliance, with young people as the absolute main force.

CTOnews.com learned from the financial report that GAC GROUP completed automobile production and sales of 563,900 vehicles and 539900 vehicles from January to March, of which 199800 new energy vehicles were produced and 185000 vehicles were sold, with year-on-year growth exceeding double digits. From the perspective of its own brands, GAC Ian produced a total of 87399 vehicles and sold 78318 vehicles in January-March, up 99.1% and 74.5% respectively over the same period last year. In March, Ian sold more than 40,000 vehicles for the first time, reaching 40025, up 97 per cent from a year earlier.

GAC MOTOR produced a total of 90308 cars and sold 83600 cars in the first quarter. Of these, March sales were 35179, up 16.9% from the same month last year.

In terms of joint venture brands, GAC Honda produced and sold 76110 and 70110 vehicles respectively in March, while GAC Toyota completed production and sales of 87950 and 81300 vehicles respectively in March.

In terms of exports, GAC GROUP exported a total of 10011 cars from January to March, an increase of 74.5 percent over the same period last year.

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