Chongqing Changan Automobile Co., Ltd. (Changan Automobile) released its third-quarter (Q3) financial report for 2024, showing a decrease in operating revenue to 34.24 billion yuan, down 19.85% compared to the previous year.
The net profit attributable to shareholders also saw a significant decline, dropping by 66.44% to 748.1 million yuan in the same quarter.
Photo credit: Changan Automobile
Despite the challenges faced in the third quarter, Changan Automobile reported a 2.54% year-on-year growth in total revenue for the first nine months of 2024, reaching 110.96 billion yuan. However, the net profit for this period plummeted by 63.78% to 3.58 billion yuan compared to the previous year.
The company’s cumulative sales from January to September amounted to 1.905 million vehicles, marking a 1.89% increase year-on-year. Changan Automobile remains on track to achieve its sales target of 2.8 million units for 2024, including 750,000 new energy vehicles (NEVs).
Changan NEVO aims to sell 250,000 vehicles this year, while DEEPAL and AVATR target 280,000 and 90,000 vehicles respectively. By the end of Q3, Changan Automobile had accomplished 68% of its annual sales goal.
At the 4th CHANGAN Tech Ecosystem Conference held on October 21, Chairman Zhu Huarong outlined ambitious goals for 2030, including targeting annual sales of 5 million units. The company aims to achieve 4 million sales from wholly-owned brands, with over 60% coming from NEVs and more than 30% from overseas markets.
