CIMC Vehicles revenue from overseas markets soared by 70%

Date:2023-04-10 Author:Alice Source:www.chinaspv.com

April 10, 2023, China, CIMC Vehicles (Group) Co., Ltd. announced its annual results for the twelve months ended 31 December 2022. CIMC Vehicles successfully forged ahead against the headwinds including a slowdown of global economic growth and a weak specialty vehicle market. The Group achieved brilliant performance in overseas businesses and demonstrated sound fundamentals of domestic businesses, outperforming the peers in the industry.

During the Reporting Period, CIMC Vehicles recorded a revenue of RMB23,621 million. The Group’s gross profit margin increased significantly by 2.26 percentage points year-on-year. The net profit attributable to shareholders of the Company was RMB1,118 million, representing a year-on-year significant increase of 24.11%. The net profit attributable to shareholders of the Company after deducting non-recurring profit or loss was RMB916 million, representing a year-on-year significant increase of 43.99%. Its total assets amounted to RMB22,217 million, a year-on-year increase of 2.00%. The net assets reached RMB13,360 million, representing a year-on-year increase of 7.86%. The net cash flow from operating activities increased to RMB1,154 million. Earnings per share amounted to RMB0.55/share. During the Reporting Period, the Group sold a total of 151,870 units of various types of vehicles worldwide.

For North American Business, through the arrangement for various LTP production centers and LoM manufacturing plants, the Company accelerated the release of the production capacity. Moreover, it alleviated the supply chain shortage worldwide and shipping difficulties, achieving a brilliant results performance: an increase in sales volumes and prices of its three main products, and profit hitting a record high. The revenue from North American Business was RMB10,760 million, representing a year-on-year significant increase of 122.28%, and its gross profit margin increased by 6.03 percentage points year-on-year.

In terms of refrigerated trailers in North America, the company also made a breakthrough with profit hitting a record high. During the Reporting Period, the company’s revenue from refrigerated trailers in North America increased significantly by 164.05% to RMB4,003 million, and its share of the refrigerated trailer market in North America continued to increase. The revenue from van trailers in North America increased by 60.13% to RMB3,127 million, and maintained a leading position in the van trailer market in North America.

Regarding European Business, despite energy and supply chain crises, the Company overcame the difficulties and constructed the LoM manufacturing plants in Southampton in the UK, Mansfield, and Pijnacker in the Netherlands. The Company completed the arrangement of the “Light Tower Manufacturing Network”, optimizing production capacity and efficiency. In 2022, the revenue from European Business reached RMB2,621 million, representing a year-on-year increase of 10.48%. Meanwhile, the Company transformed SDC with profits hitting a five-year high.

CIMC Vehicles established 25 “Light Tower” Plants at home and abroad. In the future, the Group will deepen the construction of the “Light Tower Manufacturing Network”. By utilizing sophisticated manufacturing production lines and capacity, CIMC Vehicles achieved mutual complementation of superior resources and efficient synergy of the six major businesses or groups.

2023 is a crucial year in the 14th Five-Year Plan as it links the previous year and the following years. This year, CIMC Vehicles will show great courage to tackle any difficulties, make the best efforts, and demonstrate the entrepreneurial spirit of the third venture. Although the road is long and arduous, perseverance will lead us to a bright future.