Shanghai (ZXZC)- BAIC Motor Corporation Limited (“BAIC Motor”), a HK-listed subsidiary of BAIC Group, announced earlier this week its revenue in the first quarter of 2022 reached around 45.73 billion yuan ($6.972 billion), sliding 8.2% year on year.

BEIJING X7; photo credit: BAIC Motor

During the first three months, the company saw its net profit attributable to shareholders drop 11% from a year earlier to 1.567 billion yuan ($238.860 million).

In addition, BAIC Motor said its quarterly net cash flows generated by operating activities reached roughly 4.229 billion yuan ($644.786 million) in the Jan.-Mar. period this year, edging down 0.52% compared to the year-ago period. During the same period, the company’s net cash flows used in investment activities amounted to 3.192 billion yuan ($486.673 million), leaping 43.7% from the previous year.

BAIC Motor also reported 150.22 million yuan ($22.901 million) of R&D expenses for the first quarter of the year, representing a downward movement of 30.8% year over year. Operating costs for the first three months reached around 33.072 billion yuan ($5.042 billion), dipping 7% over the same period in 2021.

On the same day of releasing the first-quarter earnings results, BAIC Motor stated it proposes to transfer the 12.02% equity interests it holds in National Innovation Center, while BJEV, Beiqi Foton and Hainachuan propose to dispose of the 12.38%, 12.02% and 7.21% stake in the same firm, to be quoted on China Beijing Equity Exchange.