BAIC Group Reports Impressive Growth with 1.7 Million Vehicle Sales in 2023

Beijing, The Gulf Observer: In a statement released on Saturday, Beijing Automotive Group Co., Ltd. (BAIC Group), the leading Chinese automaker, announced a remarkable achievement with the sale of approximately 1.7 million vehicles in 2023, reflecting a robust year-on-year growth of 17.6 percent.

The Beijing-based company, a prominent player in the automotive industry, also disclosed an annual revenue of approximately 480.3 billion yuan (about 67.58 billion U.S. dollars) for the fiscal year 2023.

Notably, BAIC Group reported a substantial year-on-year increase of 73.5 percent in its exports of vehicles, totaling 190,000 units for the year. This demonstrates the company’s expanding global footprint and the increasing demand for its vehicles on the international stage.

One of the standout achievements for BAIC Group in 2023 was the exceptional performance of its iconic “Beijing”-branded cars, which witnessed a significant sales increase of 60 percent during the year. Furthermore, overseas sales of these vehicles more than doubled compared to the previous year.

BAIC Group’s commitment to international expansion was underscored by its noteworthy ventures in 2023. The company’s subsidiary, Beiqi Foton, secured orders for over 2,000 new-energy buses in the Indian market, contributing to the growth of sustainable transportation solutions. Additionally, BAIC Group successfully operationalized its first overseas passenger car production base in South Africa, marking a significant milestone in its global business strategy.

As of now, BAIC Group boasts a presence in 49 countries and regions worldwide, solidifying its position as a key player in the global automotive market. The company’s continued success is attributed not only to its strong performance in the domestic market but also to its strategic initiatives for international expansion and diversification.