BAIC Motor warns of significant profit decrease

BAIC Motor Corporation (HKEX:1958) has issued a profit warning, projecting a substantial decrease in net profit for the fiscal year ending December 31, 2024. According to the announcement, the company expects to record a net profit attributable to equity holders of approximately RMB950 million, a 68.6% decline compared to the previous year. BAIC Motor attributes the expected downturn primarily to heightened competition within China's passenger vehicle market during 2024, which led to decreased vehicle sales. Increased investments in business policies aimed at enhancing competitiveness also contributed to the profit decline. The company has cautioned that the figures are based on preliminary, unaudited management accounts and may be subject to further adjustments pending finalization and internal review. BAIC Motor plans to publish its annual results announcement on March 28, 2025.