On August 5 (BJT), the 2024 Fortune Global 500 List was officially released. GAC Group has been on the list for the 12th consecutive years, with the latest ranking of 181st, maintaining a position in the top 200.

The year 2023 marks a milestone in the history of GAC Group. In April 2023, General Secretary Xi Jinping fully affirmed the achievements of GAC during his visit, and showed the direction for the future development, which has inspired the entire GAC community. In 2023, GAC made every efforts and achieved an annual cumulative vehicle production and sales of over 2.5 million, showing positive momentum. Among them, the sales volume of new energy vehicles was 550,000 units, up by 77% year-on-year; the annual sales volume of independent brands was 890,000 vehicles, up by nearly 40% year-on-year. The annual aggregate revenue reached approximately 502.3 billion RMB, and the consolidated revenue was about 129.7 billion RMB, up by 17.62% year-on-year.

 

Yielding remarkable innovation achievements through core technology R&D in key fields

Triggered by the trends of electrification, intelligence, connectivity and sharing, China’s auto industry is undergoing major changes unseen in a century. During the visit to GAC Group, General Secretary Xi Jinping emphasized the importance of independent research and development of core technologies in key fields. GAC Group has borne this guideline in mind over the past year. It strives to mastering core technologies in key fields, and has achieved remarkable results.

At present, GAC Group has invested nearly 50 billion RMB to develop independent R&D, and built a global R&D network covering Guangzhou, Shanghai, Xiamen, Los Angeles, and Milan, with more than 7,000 R&D personnel, and nearly 20,000 patent applications, of which invention patents account for over 40%, reflecting GAC’s strong innovative strength.

GAC Group has made significant advances in the core technologies of intelligent connected new energy vehicles. In 2024, GAC’s self-developed all-solid-state power battery technology achieved a key breakthrough, released China’s leading Garcia Intelligent Driving System, and became one of the first automakers in China to carry out L3 autonomous driving on-road pilot projects. The industry’s first GAC Vehicle-Cloud-Integrated Large Model Intelligent Body will soon be mass-produced. With a forward-looking vision, GAC Group has laid out new technologies such as humanoid robotics and flying cars to achieve independent high-level scientific and technological innovation.

 

Accelerated global expansion based on internationalization strategy

Seizing international development opportunities, GAC Group actively expands its layout and global presence. In 2023, more than 75,000 vehicles were exported, with a year-on-year growth of 130%. GAC Group has initially realized export of complete vehicles and localized operation. KD plants in Thailand, Malaysia, Nigeria and other countries have been put into production, and the Indonesian plant will start operations this year. GAC has completed the market layout in 68 countries and regions across the Middle East, America, Africa, Southeast Asia, and Eastern Europe.

Moving forward, GAC Group will continue to leverage the advantages of China’s auto industry, strengthen industrial synergy, and promote localized production overseas. This can help GAC take root in overseas markets and become a global auto enterprise.

 

GAC fulfills its responsibility to build a harmonious society

While overcoming difficulties based on steady operation, GAC Group has always been proactively fulfilling its role as a state-owned enterprise, taking actions to shoulder corporate social responsibilities in terms of paired-assistance, rural revitalization, earthquake relief, public welfare and charity, culture, sports, science and education, environmental protection and energy conservation, as well as safe travel. GAC has invested more than 3.3 billion RMB in public welfare.

In the year of 2023, GAC Group has seen steady growth in business performance, increased R&D investment, surging innovative technologies, and effective actions in auto exports and social responsibility fulfillment, so as to build up energy to promote GAC’s high-quality development and consolidated its position as a Fortune global 500 enterprise. In the future, GAC Group will further transform and upgrade itself towards the grand goal of Trillion GAC, and strive to become a world-class scientific and technology-based enterprise with outstanding products and brands, leading innovations, and modernized governance.