Beijing (ZXZC)- BAIC Motor Corporation Limited (“BAIC Motor”), the HK-listed entity of BAIC Group, announced on March 14 the 2022 annual revenue of Beijing Benz Automotive Co., Ltd. (“Beijing Benz”) jumped 16.59% year on year.

Photo credit: Mercedes-Benz

According to the announcement, which cited numbers from the financial report released by Mercedes-Benz Group AG for the year ended December 31, 2022, Beijing Benz brought in 24.82 billion euros in revenue during the past year. After taxes, the Sino-German joint venture’s profit from continuing operations reached 3.649 billion euros, representing a 13.85% increase from a year ago. In the year of 2022, Beijing Benz’s total comprehensive income came in at 3.701 billion euros, growing 16.72% compared to the prior-year period. 

BAIC Motor holds 51% of the equity of Beijing Benz. In the past few years, Beijing Benz has been the main contributor to BAIC Motor's revenue. BAIC Motor achieved a full-year revenue of 175.916 billion yuan in 2021 (the 2022 financial results have not been released yet). Among which, Beijing Benz's revenue amounted to 167.966 billion yuan, accounting for 95.5% of the overall revenue in 2021. The percentage in 2020 was also as high as 95.9%. 

In terms of sales, Beijing Benz made up 54.41% of BAIC Motor's annual sales in 2021.