Caixin
Jan 13, 2022 06:54 PM
BUSINESS

China’s GAC Projects Profit Rebound as It Drives Hard Into Electric Vehicles

The GAC Group booth at the 29th Guangzhou Expo in Guangzhou on Oct. 27, 2021. Photo: VCG
The GAC Group booth at the 29th Guangzhou Expo in Guangzhou on Oct. 27, 2021. Photo: VCG

Guangzhou Automobile Group Co. Ltd. (GAC) estimates its 2021 profit jumped as much as 27% following a poor third quarter, as the state-owned carmaker said it was able to overcome supply problems as it doubles down on electric vehicles.

The Shanghai-listed company said its net profit attributable to shareholders will come in somewhere between 6.6 billion yuan ($1 billion) and 7.6 billion yuan, representing an increase of 11% to 27% from 2020, according to a Tuesday exchange filing (link in Chinese).

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