(Yicai Global) April 28 -- BAIC Motor's net profit tumbled by 95 percent to CNY60.8 million (USD8.6 million) in the first quarter from a year ago due to weak sales amid the Covid-19 outbreak, according to the Beijing-based firm's earnings report published yesterday.

BAIC's revenue declined by 30 percent to CNY33 billion (USD4.7 billion), the report added. New energy vehicle sales narrowed by 64 percent.

All brands under the Chinese firm sold fewer cars in the first quarter from a year earlier. The joint venture between BAIC Motor and Mercedes Benz sold 24 percent less. Sales of the company's JV with South Korea’s Hyundai halved.

The auto market is gradually recovering and the extension of NEV subsidies brings hope for carmakers, including BAIC, Cui Dongshu, secretary-general of the China Passenger Car Association, said in a statement earlier.

BAIC's share price [HK:1958] climbed 3.07 percent to HKD3.36 (US 43 cents) in the morning.

Editor: Emmi Laine