By Ben Otto
Guangzhou Automobile Group Co.’s profit grew in 2021 as sales rose and the launch of new vehicles boosted contributions from joint ventures and associates, offsetting an operating loss.
Net profit for the year rose to 7.51 billion yuan ($1.18 billion) from CNY5.96 billion in 2020, the Guangzhou, China-based company said late Wednesday.
GAC posted an operating loss of CNY3.63 billion, but the bottom line was helped by CNY11.40 billion in profit shared from joint ventures and associates, mainly due to higher profit at Japanese-series joint ventures.
Revenue rose to CNY75.68 billion from CNY63.16 billion.
In 2022, GAC said it would target 15% growth in automobile production and sales volume, with plans to launch more than 10 new or updated models.
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By Ben Otto