BAIC Group Achieves Record Sales in 2024, Sets Ambitious Goals for Future
In 2024, BAIC Group made headlines with its impressive annual vehicle sales of 1.71 million units, generating revenue exceeding 480 billion yuan. These remarkable results showcase the automaker’s commitment to innovation and advancement in the competitive automotive industry.
The company’s success in 2024 can be attributed to its strategic three-year action plan, which aims to surpass 3 million units of annual vehicle sales by 2027. This ambitious goal includes a target of 2 million units from wholly-owned brands, with a focus on expanding the market share of new energy vehicles (NEVs) to over 50%.
To achieve these targets, BAIC Group significantly increased its investment in research and development, with R&D spending exceeding 13 billion yuan in 2024. The company concentrated its efforts on key areas such as chip technology, smart cockpits, and intelligent driving solutions to stay ahead of the curve in the rapidly evolving automotive landscape.
In addition to internal advancements, BAIC Group forged new partnerships in 2024 to strengthen its position in the market. Collaborations with industry leaders like Huawei, Pony.ai, and Horizon Robotics resulted in the development of innovative solutions in the fields of high-end NEVs and intelligent driving technology.
The company’s various brands also saw significant success in 2024. The ARCFOX premium NEV brand experienced a remarkable 170% year-on-year increase in sales, driven by popular models like the α S5, α T5, and KAOLA. In the commercial vehicle segment, Foton Motor maintained its leadership position by launching new products and staying competitive in the market.
Looking ahead, BAIC Group is gearing up for the future by investing at least 50 billion RMB in R&D over the next five years, with a strong focus on new energy and intelligent technologies. The company’s commitment to electrification and intelligentization reflects the industry-wide shift towards sustainable and connected mobility solutions.
BAIC Group’s achievements in 2024 showcase its dedication to innovation, strategic partnerships, and market leadership. As the automotive industry continues to evolve, BAIC Group remains at the forefront of driving change and shaping the future of transportation.
