Beijing (ZXZC)- On August 26, BAIC BluePark New Energy Technology Co., Ltd. (BAIC BluePark) released its financial report for the first half of 2024 (H1 2024), showing a revenue of 3.714 billion yuan, marking a 35.16% year-on-year decline.

ARCFOX αS HI; photo credit: ARCFOX

Additionally, the company’s net loss attributable to shareholders expanded to 2.571 billion yuan, compared to a loss of 1.979 billion yuan in the same period last year.

BAIC BluePark attributed the widened losses to two primary factors: the increasingly fierce competition in the new energy vehicle (NEV) market, which has led to intensified price wars and shrinking profit margins, and the company’s continued investment in advancing its product lineup. This includes increased spending on technology development, brand channel expansion, brand image enhancement, and operational efficiency improvements, all of which have impacted short-term financial performance.

BAIC BluePark, a publicly traded company controlled by Beijing Automotive Group Co., Ltd. (BAIC Group), primarily operates two auto brands: ARCFOX, its high-end smart NEV brand, and BEIJING. The ARCFOX brand is produced by BluePark Magna, a joint venture between BAIC BluePark and the global components manufacturer Magna.

STELATO S9; photo credit: HIMA

The company's latest model, the STELATO S9, co-developed with Huawei's Harmony Intelligent Mobility Alliance, was recently unveiled. The STELATO series is seen as a critical project. On August 26, Huawei’s Chairman of the Intelligent Automotive Solution BU, Yu Chengdong, announced that within 20 days of its launch, the STELATO S9 had received over 8,000 units of fixed orders, exceeding expectations.

In July 2024, BAIC BluePark reported sales of 11,000 vehicles, representing a significant increase from the 3,359 units in the same month last year. Cumulatively, the company sold 38,600 vehicles in the first seven months of this year, reflecting a 1.15% year-on-year rise.