BAIC BluePark forecasts net loss for the first half of 2022

Shanghai (Gasgoo)- BAIC BluePark New Energy Technology Co., Ltd. (“BAIC BluePark”), the parent company of Chinese NEV maker BAIC BJEV, expects to report a net loss attributable to shareholders of 1.8 billion yuan to 2.2 billion yuan ($266.876 million to 326.182 million of dollars). ) for the six months ended June 30, 2022, according to an announcement published on July 14.

Excluding the impact of certain one-time gains and losses, the company’s half-year net loss attributable to shareholders is expected to be between 1.85 billion yuan and 2.25 billion yuan ($274.29 million and $333.595 million). .

In comparison, BAIC BluePark recorded a net loss belonging to shareholders of 1,813,426,900 yuan ($268.867 million) for the first half of 2021, while the net loss after deducting one-time profit and loss reached 2,097,432,400. yuan ($310.975 million) for the year- a period ago.

ARCFOX αS; photo credit: ARCFOX

The company explained that in the first half of this year, the automotive industry faced challenges such as chip shortages, rising raw material prices and the resurgence of the coronavirus, which impacted its financial and operational performance.

Despite the year-over-year growth in January-June. NEV sales, the scale effect has not yet appeared in BAIC BluePark’s NEV business, the company said. In addition, the automaker continued to increase investment in R&D work and building brand image and sales channels, partly driving the half-year net loss.

For the first six months of 2022, BAIC BJEV saw its cumulative automobile productions climb 181.97% year-on-year to 6,082 units, while its vehicle sales amounted to 17,010 units, in increase of 144.43% compared to the same period of 2021.

Ann J. Cox