BAIC Motors is no longer interested in fuel vehicles, and is determined to go all out with new energy vehicles

In the "Fortune World's Top 500 Companies 2018" list published by the U.S. magazine "Fortune", BAIC ranked 124th with a revenue of US$69.591 billion, up 13 places from last year.

To this end, BAIC Group held a "BAIC Group's Re-entry into the 2018 Fortune Global 500" News Conference at the Beijing Automotive Industry Research and Development Base. At the conference, Xu Heyi, Party Secretary and Chairman of BAIC Group, said: "We will increase our innovation efforts and follow a path that suits us. BAIC is fully committed to new energy. This is our path of innovation. If we stop playing with fuel vehicles, BAIC will have no chance, or not a big one."

At the beginning of this year, BAIC announced its transformation and upgrading. In the first half of the year, fund management achieved good results. BAIC's operating indicators showed a good trend of "profit growth higher than revenue growth, and revenue growth higher than sales growth".

Although the overall performance is good, the sales of BAIC Senova are still not satisfactory. In May this year, only 3,011 units were sold, ranking 43rd among domestic brands. Xu Heyi said that BAIC Group acknowledged the shortcomings of Senova, but the focus of BAIC's future development strategy is not on this.

In the new energy vehicle market, BAIC Group has been performing well. In the first half of the year, BAIC New Energy sold 54,000 vehicles, a year-on-year increase of 78.5%, and its market share remained the first in China and among the top three in the world. Since the EX360 was officially launched at the end of March, it has repeatedly ranked first in sales in its market segment.

However, BAIC New Energy mainly produces mid-range and low-end vehicles. As consumers' requirements for the range of new energy vehicles continue to increase, BAIC will still face many challenges in the future new energy vehicle market.

Whether BAIC Group, which has stopped selling fuel vehicles and focused on developing new energy vehicles, can ultimately succeed remains to be tested by the market and time.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.