GAC Group released its 2023 semi-annual report on August 25, showing that GAC Group achieved positive growth in production, sales, and output in the first half of the year. Sales growth of its self-owned brands outperformed the industry average, demonstrating their steadily improved contribution to the Group. Following the achievement of profitability in 2022, profits have continued to increase in the first half of this year. In addition, Aion turned a profit for two consecutive months in June and July.

In the first half of the year, GAC Group produced 1.1969 million vehicles and sold 1.163 million vehicles, respective year-on-year increases of 3.93% and 1.14%. The business revenue on an aggregate basis was about RMB 233.532 billion, and business revenue on a consolidated basis was about RMB 61.911 billion; net profit attributable to shareholders was about RMB 2.966 billion. In order to truly repay shareholders, GAC Group intends to pay an interim dividend of RMB 0.5 for every 10 shares to all shareholders (including tax), with a total dividend payment of approximately RMB 524 million.

 

Hyper GT, Hyper's Flagship Model, Was Recognized as the 20-Millionth New Energy Vehicle to Roll off the Production Line in China

 

Feng Xingya, President of GAC Group, said that self-owned brands were gradually becoming the new dominant force within the Group, which started as a joint venture, following decades of R&D and independent innovation. In the first half of 2023, GAC Group invested more than RMB 3.1 billion in R&D and applied for 1,435 new patents, including 616 invention patents.

On the 2023 GAC TECH DAY, GAC Group unveiled a series of its achievements through independent R&D, such as the Flying Car GOVE, hydrogen-electric hybrid vehicles, the world’s first ammonia engine for passenger vehicles, an N-in-1 integrated electric drive system, and the ADiGO MAGIC Platform for joint scenario creation. It also released the magazine battery 2.0, which ensures that the entire battery pack resists fire after being shot, marking the first battery safety solution under the extreme circumstance of instantaneous short circuit of multiple cells and explosions.

 

GOVE, the GAC flying car

 

GAC Motor E9 with hydrogen-electric hybrid system

 

The world’s first ammonia engine for passenger vehicles

 

N-in-1 integrated electric drive system

 

ADiGO MAGIC Platform for joint scenario creation

 

GAC Group is committed to the path of Chinese modernization. Going forward, it will make unremitting efforts to aim for the Trillion GAC target and become a world-class business as soon as possible.