Shanghai (ZXZC)- GAC Group announced on Thursday its revenue for the third quarter of 2022 (Q3 2022 or reporting period) surged 51.58% from a year earlier to around 31.527 billion yuan ($4.362 billion).

The auto group said the main factor accountable for the revenue hike is the significant growth in the automobile sales of its self-owned brands. Notably, AION, its new energy vehicle (NEV)-dedicated arm, has sold over 180,000 vehicles this year by Sept., representing a 132.09% year-on-year leap.

GAC AION Hyper SSR; photo credit: GAC AION

In the reporting period, the Guangzhou-based auto giant scored a 144.07% year-on-year hike in the net profit attributable to shareholders, which reached roughly 2.312 billion yuan ($319.852 million).

GAC Group attributed the net profit increase to the remarkable rise in its vehicle sales, revenue, and the investment income from joint ventures in Q3 2022.  

Excluding the impact of certain non-recurring gains and losses, the auto group’s Q3 net profit belonging to shareholders still rocketed at a three-digit rate of 292.7% year-over-year to about 2.087 billion yuan ($288.811 million).

Besides, basic earnings per share for Q3 2022 stood at 0.23 yuan ($0.032).

For the first three quarters of this year (Q1-Q3 2022), GAC Group saw its total revenue jump 45.1% over a year earlier to 79.976 billion yuan ($11.066 billion). Meanwhile, its Q1-Q3 net profit attributable to shareholders also jumped 52.59% from the year-ago period to 8.062 billion yuan ($1.116 billion).