GAC Group's 2024 profit dips amidst strategic restructuring

Guangzhou Automobile Group (GAC Group) reported a year of transformation in its 2024 annual report, marked by a 20.04% aggregated revenue decrease to RMB401.65 billion. The company faced challenges including global economic uncertainties, intense market competition, and price pressures. Strategic initiatives including in-depth reforms, increased investments in R&D (RMB7.15 billion) for new energy vehicles and intelligent driving, and international expansion saw overseas sales volumes rise 67.6% year-over-year.