BAIC NEV Sales Fall by Nearly 80% in August
The company managed to sell only 2,132 units compared to 10,705 in the same period last year.
According to BAIC New Energy’s August production and sales report, the company managed to sell only 2,132 units compared to 10,705 in the same period last year. The cumulative sales from January to August fell 78.68% year-on-year, to 18,841.
The NEV manufacturer found itself far behind in the market. According to data from China Passenger Car Federation, sales of pure electric vehicles in August increased by 45% year-on-year to 82,500 units, with positive growth achieved for two consecutive months.
According to the semi-annual report released by BAIC, the parent company of BAIC New Energy, in the first half of 2020, BAIC Blue Valley reached revenue of CNY 3.112 billion, a year-on-year decrease of 69.84%, and the net profit loss attributable to shareholders reached CNY 1.863 billion, also a year-on-year decrease.
According to the official explanation, factors such as industry competition, limited resources of core high-quality components and the COVID-19 epidemic have had a great impact on the company's product structure adjustment, customer structure adjustment and marketing.
While sales have plummeted, BAIC New Energy is also facing a major public ‘quality’ opinion crisis in the C-end with multiple vehicles catching fire.
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