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BMW blessings! Brilliance China's net profit of 7.73 billion yuan

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/31 Report--

On March 28, brilliance China Automobile Holdings Co., Ltd. released its financial report for 2023. According to the financial report, brilliance China's revenue in 2023 was 1.121 billion yuan, down 0.82% from the same period last year, and the full-year net profit was 7.73 billion yuan, up 8.2% from the same period last year.

Brilliance BMW was established in May 2003 as a joint venture between brilliance China Automobile Holdings Co., Ltd. and BMW Group, each holding 50% of the shares. In the past, brilliance BMW was the largest joint venture of brilliance in China and was also the main source of profit for brilliance. As a reference, previous data show that BMW brilliance contributed net profits of 3.823 billion yuan, 3.993 billion yuan, 5.233 billion yuan, 6.245 billion yuan and 7.626 billion yuan respectively to brilliance China from 2015 to 2019. Excluding the profit contribution of BMW brilliance, other businesses such as the three independent brands lost a total of 3.484 billion yuan in five years.

Brilliance's stake in BMW fell to 25 per cent after selling 25 per cent of the joint venture to BMW in February 2022. With the change of brilliance's stake in BMW, brilliance BMW was merged into BMW Group, and brilliance China's contribution profits as a joint venture began to shrink.

Data show that brilliance BMW sold 709954 vehicles in 2023, up 6.8% from 664934 in 2022, with electric vehicle sales up 110.6% to 95550.

Among the subdivided models, brilliance BMW had the highest sales of the 3 series, up 26% from the same period last year, accounting for 28.69% of the total sales, followed by the BMW X3 and 5 series, which were 155343 and 142322 respectively, of which the 5 series was down 18.2% from the same period last year. BMW X5 grew 60.9% year-on-year, but sales were only 93723.

After entering 2024, brilliance BMW has re-entered the top 10 domestic automakers list for a long time. Among them, brilliance BMW sold 69000 vehicles in January, up 21.3% from a year earlier, ranking last on the list; February sales were 40000, down 19.8% from a year earlier, ranking ninth on the list, up from January (10th).

For BMW, China is its most important single market. In the context of electrified transformation, electrification is a sharp weapon for BMW to achieve growth. In the past 2023, BMW has launched five all-electric models in China, including the BMW iX, BMW i4, BMW iX3, BMW i3 and BMW i7, covering almost all car consumer segments.

The picture above is MINI COOPER;, and the picture below is MINI ACEMAN.

In addition, in addition to brilliance BMW, BMW Group also has another joint venture in the Chinese market, Beam Automobile Co., Ltd., which was established in December 2019. Great Wall Motor Co., Ltd. and BMW (Holland) Holdings each own 50% of the joint venture company, of which BMW (Holland) Holdings is the actual controller. At present, Beamlight has two models, of which the first production car is the MINI COOPER,MINI ACEMAN, which is the second production car. Both cars have appeared in the MIIT declaration catalogue and are expected to go on sale this year, when the new car can boost BMW's car sales in China remains to be tested.

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