CIMC Vehicles achieved a "good start" in the first quarter of 2023

Date:2023-05-04 Author:Alice Source:www.chinaspv.com

May 4, 2023, China, On April 26, CIMC Vehicles released the 2023 first quarter report. According to the report, CIMC Vehicles achieved operating income of RMB 6.584 billion, a year-on-year increase of 28.29%; net profit attributable to shareholders of listed companies reached RMB 479 million, a significant increase of 285.25% year-on-year. The net profit of recurring profit and loss reached RMB 479 million, a substantial increase of 361.57% year-on-year. Core financial indicators such as the company's operating income and net profit attributable to the parent company have all achieved rapid growth.

Under the background of economic policy stimulus in North America and the rapid growth of intermodal transport business, the profit of CIMC Vehicles’ North American business maintained a good growth trend. At the same time, the company's profitability in the domestic market and other overseas markets remains stable. In the first quarter of 2023, the company sold 36,386 units of various vehicles globally, a year-on-year increase of 9.57%.

In terms of North American business, during the reporting period, thanks to the forward-looking strategic layout and relying on local manufacturing advantages, the Group’s North American business continued to grow, with revenue and gross profit margin increasing year-on-year.

In terms of European business, the company continues to optimize the manufacturing process and value flow. Under the guidance of the transoceanic business strategy, the revenue of the European business increased steadily in the first quarter of 2023.

With the continuous recovery of the domestic economy, infrastructure projects have started one after another, and the heavy truck market shows signs of recovery. The company's Qiangguan business group actively identified market segment opportunities, optimized product structure, actively explored emerging markets, and increased sales.

Entering the second quarter of 2023, CIMC Vehicles will implement the "Starlink Plan", accelerate the structural reform of the semi-trailer production organization, focus on the establishment of business groups, and achieve high-quality industry integration, distribution, model innovation, and sustainable market share. At the same time, CIMC Vehicles will actively build a new development pattern of North American business sales network and channel sharing, achieve a steady increase in market share, and accelerate the embrace of new growth opportunities in European business.