Shanghai (ZXZC)- GAC Group will strive to achieve a 10% year-on-year growth in its annual auto output and sales for the year of 2023, wishing to outpace the industry's average level, the group announced on Dec. 29.

The Guangzhou-based auto giant said its full-year automobile output and sales volume are anticipated to reach 2.459 million units and 2.404 million units in 2022, respectively, jumping 15% and 12.1% from the previous year.

Photo credit: GAC Group

GAC Group would score better-than-expected results in main operational indicators this year. GAC Group expects its annual operating revenue to rise 19.7% year on year to 514.45 billion yuan ($73.97 billion), and is likely to record a total pre-tax profit of 65.19 billion yuan ($9.373 billion) in 2022, which would grow around 13.2% from a year earlier.

The group also said the combined auto sales volume of its two major self-owned subsidiaries—GAC Motor and GAC AION—is forecasted to exceed 620,000 units in 2022, over 43% of which would be new energy vehicles (NEVs).

In 2022, GAC AION, the NEV-dedicated subsidiary of GAC Group, fulfilled its shareholding reform and closed its Series A financing, which lifted its valuation to over 100 billion yuan ($14.378 billion).

In addition, the Sino-Japanese joint venture GAC Toyota has seen its year-to-date production and sales volumes both surpass 1 million units in 2022.