GAC plans export push after annual sales boom

Chinese automobile manufacturer GAC Group, headquartered in Guangzhou, Guangdong province, will facilitate exports of its vehicles to the overseas market following significant increases in sales in the domestic market, according to a senior manager of the company.

"We will optimize the structure of products being exported, focusing on shipping more self-innovated brands and new energy vehicles to the overseas market," said Feng Xingya, president of GAC Group.

Feng made the remarks during the company's annual financial performance announcement, which was held in Guangzhou on Thursday. The company's overall revenue increased about 45.36 percent year-on-year to around 110 billion yuan ($15.98 billion) in 2022.

Despite challenges including increased raw material prices, unstable supply chains and sporadic COVID-19 resurgences, China's automobile production and sales increased by 3.4 percent and 2.1 percent year-on-year in 2022, according to the China Passenger Car Association.

GAC Group, however, produced 2.48 million and sold 2.43 million vehicles last year, with year-on-year growth of 16 percent and 13.5 percent respectively.

"Technologies for electric vehicles have become more advanced and reliable. As a result, we hope to ship more such vehicles to the overseas market, which will undoubtedly become a new growth engine for our business," Feng said.

By 2030, the company's exports of self-innovated and electric vehicles are expected to reach 500,000 and 300,000 respectively.

The company shipped more than 33,000 vehicles to the overseas market, an increase of 59 percent year-on-year covering 29 countries and regions.

GAC's NEV arm GAC Aion and its online mobile transportation platform Ontime have been preparing for public listings, according to sources with the company.

Ontime, which launched its robotaxi service last year, has 18 million registered users, with a market penetration rate of over 30 percent in the Guangdong-Hong Kong-Macao Greater Bay Area.

"Launching dual robotaxi service, which uses manned and autonomous vehicles, will facilitate commercial operation of autonomous driving technologies," Feng said.

Most recently, Ontime signed a strategic agreement with NavInfo Co Ltd, a Chinese location service and smart mobility solution provider, to conduct cooperation in major fields including high-precision maps, autonomous driving applications and intelligent transportation.