Beijing (ZXZC)- On March 17, BAIC Motor Corporation Limited (BAIC Motor) disclosed the key financial details of Beijing Benz, the joint venture of the company with Mercedes-Benz in China, for the year 2023.

Photo credit: Beijing Benz

According to the announcement, Beijing Benz recorded an annual revenue of €22.484 billion (approximately 176.275 billion yuan) in 2023, marking a 9.4% decrease compared to the previous year. After-tax profit stood at €2.999 billion (approximately 23.512 billion yuan), reflecting a decline of 17.8% year-on-year. After including other comprehensive losses of €2 million, the total comprehensive income of Beijing Benz amounted to €2.997 billion (approximately 234.96 billion yuan) in the past year, dropping 19% from a year ago.

Furthermore, Beijing Benz contributed €1.457 billion (approximately 11.423 billion yuan) in equity income to BAIC Motor in 2023, indicating a 14.8% dip compared to the previous year.

Regarding assets, Beijing Benz's non-current assets decreased from €7.101 billion (approximately 55.672 billion yuan) in 2022 to €6.504 billion (approximately 50.991 billion yuan) in 2023. Similarly, current assets of the company decreased from €9.361 billion (approximately 73.39 billion yuan) in 2022 to €7.839 billion (approximately 61.458 billion yuan) in 2023.