Automaker reports revenue decline in 2019

GAC Group and its joint ventures and affiliated companies reported a revenue drop of about 2.36 percent year-on-year to 355 billion yuan ($49.98 billion) in 2019, according to the company's annual report.

The revenue drop was a result of the global economic downturn, trade uncertainty and the decline of subsidies for new energy cars, according to the report issued on Tuesday.

China's auto market had low performance last year, with sales down 8.23 percent year-on-year, according to the China Association of Automobile Manufacturers.

GAC Group, a leading automobile manufacturer in South China, sold 2.06 million cars in 2019, down 3.99 percent year-on-year, according to the company.

However, sales of its self-innovated new energy cars increased 110 percent year-on-year in 2019 to 42,003.

The company, based in Guangzhou, the capital of South China's Guangdong province, has developed a global research and development network, with the latest R&D center put into operation in Detroit, Michigan in 2019.