Beijing (ZXZC)- On August 28, Chinese automaker Dongfeng Motor Group Company Limited (Dongfeng Motor Group) unveiled its mid-year performance report for 2023, with sales revenue reaching 45.677 billion yuan in H1, marking a 2.9% year-on-year increase.

Photo credit: Dongfeng Motor

The revenue growth, according to Dongfeng Motor Group, is primarily attributed to contributions from various subsidiaries including VOYAH Automobile Technology Co., Dongfeng Commercial Vehicle Co., Dongfeng Passenger Vehicle Company, Dongfeng Liuzhou Motor Co., and Dongfeng Peugeot Citroen Automobile Sales Co. Notably, revenue from the group’s passenger car business stood at 16.11 billion yuan in the first half of this year, marking a 19.1% year-over-year decline. However, the commercial vehicle sector witnessed a substantial growth of around 22.7% from a year ago, acting as the driving force behind the group's overall revenue increase.

Dongfeng Motor Group's H1 gross profit reached 4.986 billion yuan, dipping 4.3% from the previous year. At the same time, net profit attributable to shareholders of the parent company dropped by 76.9% year over year to approximately 1.27 billion yuan, reflecting the increasing investments in the new energy vehicle business and the reduced profitability of joint ventures.

Furthermore, due to the ongoing acceleration of its new energy vehicle strategic transformation, Dongfeng Motor Group significantly increased its investment in high-end new energy vehicle brands, platforms, products, key components, and core technology resources, leading to a 49.2% year-on-year surge in new energy vehicle R&D investment for the first six months of this year.