BAIC BluePark forecasts massive 2024 loss amid price war

BAIC BluePark New Energy Technology (SSE:600733) projects a substantial net loss between RMB 65 billion and RMB 69.5 billion (USD $8.8 billion - $9.4 billion) for 2024. This represents a significant increase in losses compared to the RMB 5.4 billion net loss reported in 2023. The company attributes the projected loss to intensified competition and the ongoing electric vehicle price war, which has squeezed profit margins. Furthermore, increased investment in marketing, R&D, and product upgrades is impacting short-term profitability. The forecast also includes a loss from continuing operations, excluding non-recurring items, ranging from RMB 69 billion to RMB 73.5 billion (USD $9.3 billion - $9.9 billion). The company emphasizes that these figures are preliminary and unaudited.