Beijing (ZXZC)- Beijing-based major automaker, BAIC Motor Corporation Limited (BAIC Motor), reported a stable overall performance in the first quarter (Q1) of this year, with a slight increase in operating income.

BEIJING X7; photo credit: BAIC Motor

According to the data recently released by BAIC Motor, its operating income for Q1 2023 reached 47.696 billion yuan, representing a year-on-year increase of 4.29%. Its quarterly net profit was 4.156 billion yuan, which decreased by 8.84% compared to the same period last year. Meanwhile, the company’s net profit attributable to the owners of the parent company came down to 1.455 billion yuan, with a year-over-year drop of 7.09%.

In the first three months of 2023, BAIC Motor's R&D expenses stood at 186.011 million yuan, up by 24% from a year ago. 

As for sales volume of the first quarter, BAIC Motor sold a total of 247,000 vehicles across its four major vehicle units, namely the BEIJING brand, Beijing Benz, Beijing Hyundai, and Fujian Benz, representing a 9.3% increase from a year ago. Among them, the sales volume of its self-owned brand BEIJING surged significantly by 77%.