BAIC BluePark's EV Sales Plummet Amidst Restructuring
BAIC BluePark, once a leading electric vehicle (EV) manufacturer in China, has faced challenging times. The company reported a significant net loss of RMB 2.57 billion in the first half of 2024, marking a decline from its heyday as the top seller of pure electric passenger cars in China since 2013.
The company's struggles are evident in its sales figures. From selling over 100,000 units annually in the late 2010s, BAIC BluePark's sales have plummeted to just 26,127 units in 2021 and 28,011 units in the first half of 2024. This downturn coincides with a reduction in production capacity. BJEV, BAIC's EV arm, has cut its production capacity by a substantial 62.5 percent, from the initial design capacity of 320,000 units to 120,000 units.
The company's restructuring efforts include consolidating production sites, reducing the number from three to one. BAIC BluePark now focuses on three brands: Arcfox, Stelato, and Beijing, with Stelato being a collaborative effort with Huawei. Despite these changes, the company continues to face financial losses.
BAIC BluePark's journey from China's first licensed EV producer to its current state underscores the challenges faced by traditional automakers in the rapidly evolving EV market. With Xu Heyi, the manager of BAIC BluePark New Energy Technology Co Ltd, overseeing the reduction in BJEV's production capacity, the company looks to streamline operations and adapt to the changing landscape.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Controversy resurfaces following the elimination of diesel filter systems at Neckartor: A renewed conflict over the diesel restriction policy
- Thompson Spencer Bolsters Media Division with Key Appointments in Australia
- Foreign financial aid for German citizens residing abroad persists
