Chinese automaker BAIC Group, or Beijing Automotive Group Co Ltd, climbed 13 places to No 124 in the latest Fortune Global 500 list released on July 19, 2018, with sales revenue of $69.59 billion last year. Xu Heyi, chairman of BAIC Group, said the company is aiming for the top 100 in 2020 at a corporate news conference on July 20.

The group witnessed a 7.5 percent growth in sales volume to 1.2 million units through June, ranking fifth in the industry. Operation revenue and total profit were up 10.1 percent and 21.6 percent respectively.

Starting at No 336 in 2013, BAIC has been named on the list for six consecutive years, improving 212 places. "(Climbing the ranks) is like mountain climbing," Xu said, "The further you go, the harder it becomes. … And our formulas for success are high-end products, new-energy vehicles, cooperation and BAIC employees."