Beijing (ZXZC)- On January 18, China’s automotive intelligence solution developer NavInfo released the estimated results of its 2022 annual business performance.

Photo credit: NavInfo

In the past year, the company is likely to see a total revenue of 3.25 billion-3.45 billion yuan (US$480.78 million-510.36 million), representing an estimated 6.21%-12.74% increase year-on-year. Net loss attributable to shareholders should come in at 280.92 million-365.2 million yuan (US$41.56 million-54.02 million) in 2022, compared to the net profit of 122.09 million yuan ($18.06 million) in 2021. After nonrecurring deductions, NavInfo’s net loss throughout 2022 is anticipated to stand at 280.81 million-365.05 million yuan (US$41.54 million-54 million). 

According to NavInfo, the rise in annual revenue is attributable to the company’s advanced strategic layout in automotive intelligence field. During the past year, the company expanded investment in R&D and received more recognition from automakers worldwide. The surge in orders and output in NavInfo’s autonomous driving assistance system aspect was prominent. Meanwhile, the business development of the company’s automotive-grade MCU and SoC chips is also optimistic. 

However, the drastic change in its 2022 annual net profit is an outcome of the relatively weak market of commercial vehicles during the year, which led to a sharp downturn in revenue of NavInfo’s smart cockpit business segment. Additionally, due to the accounting regulations, the amortization expense of the company’s equity incentive plan and employee stock ownership plan was also included into NavInfo’s performance sheet during the reporting period, which posed a negative impact on the numbers.