Profitability of GAC Group's joint ventures declines

The sales of GAC Group's joint ventures GAC Honda and GAC Toyota both declined in 2023, resulting in a corresponding decline in the revenue of both companies. GAC Honda's revenue fell to 93.528 billion yuan, a year-on-year decrease of 18.75%; GAC Toyota's revenue was 152.869 billion yuan, a year-on-year decrease of 6.52%. This downward trend may have a negative impact on GAC Group's profitability.