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EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2023

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ENGLEWOOD, Colo., Feb. 29, 2024 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2023.

Twelve Months Ended December 31, 2023:

EchoStar reported 2023 total revenue of $17.02 billion, compared to $18.63 billion in 2022. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.Net loss attributable to EchoStar in 2023 was $1.70 billion, compared to net income of $2.48 billion in 2022. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Diluted loss per share was $6.28 in 2023, compared to earnings per share of $8.05 in 2022. Excluding the tax affected impact of the goodwill impairment and the 800 MHz adjustment, 2023 net income attributable to EchoStar would have been approximately $361 million.Consolidated OIBDA totaled $1.32 billion, compared to $3.41 billion in 2022. (See OBIDA definition and non-GAAP reconciliation below.) The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.

“We closed the year with the completion of the merger with DISH Network. The transaction combined DISH Network’s satellite technology, streaming services, engineering expertise, retail wireless business, and nationwide 5G network with EchoStar’s premier satellite communications solutions, enterprise go-to-market capabilities, and U.S.-based manufacturing. Collectively, it creates a global leader in terrestrial and non-terrestrial wireless connectivity, and entertainment services,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “With the close of the merger, we will continue to integrate our business and realize savings and operational efficiencies. We also will increase our focus on identifying and targeting the best, most profitable customers in each of our addressable market segments – Pay-TV, Retail Wireless, and Broadband and Satellite Services.”

Three Months Ended December 31, 2023:

Consolidated revenue totaled $4.16 billion for the fourth quarter, compared to $4.53 billion in the year-ago quarter. The net decrease in revenue primarily resulted from subscriber declines, most significantly in the Pay-TV segment.Net loss attributable to EchoStar totaled $2.03 billion for the fourth quarter, compared to net income attributable to EchoStar of $984 million in the year-ago quarter. The net loss in the fourth quarter of 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.6 billion. Diluted loss per share was $7.48 for the quarter, compared to earnings of $3.21 per share in the year-ago quarter.Consolidated OIBDA totaled negative $370 million for the fourth quarter, compared to $735 million in the year-ago quarter. The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.Net Pay-TV subscribers decreased approximately 314,000 in the fourth quarter, compared to a decrease of approximately 268,000 in the year-ago quarter. The company closed the quarter with 8.53 million Pay-TV subscribers including 6.47 million DISH TV subscribers and 2.06 million SLING TV subscribers. This increase in net Pay-TV losses resulted from the increase in net DISH TV subscriber losses due to lower gross new DISH TV subscriber activations and a higher DISH TV churn rate, offset by the decrease in net SLING TV subscriber losses due to lower subscriber disconnects in 2023 as a result of our emphasis on acquiring higher-quality subscribers.Retail Wireless net subscribers decreased by approximately 123,000 in the fourth quarter, compared to a net decrease of 25,000 in the year-ago quarter. The company closed the quarter with 7.38 million Retail Wireless subscribers. This increase in net Retail Wireless subscriber losses primarily resulted from lower gross new Retail Wireless subscriber activations, partially offset by a lower Retail Wireless churn rate due to our emphasis on acquiring and retaining higher-quality subscribers.Broadband net subscribers decreased by approximately 59,000 in the fourth quarter, compared to a decrease of 57,000 in the year-ago quarter. The company closed the quarter with 1.00 million Broadband subscribers. This increase in net Broadband subscriber losses primarily resulted from our capacity limitations, competitive pressure from satellite-based competitors and other technologies, and a more selective customer screening. The EchoStar XXIV satellite, also known as Jupiter 3, began service in December 2023, bringing additional broadband capacity and is expected to be an integral part of the Broadband and Satellite Services segment business.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2023 and 2022 (all U.S. GAAP amounts reference results from operations):

For the three months ended
December 31,

For the years ended
December 31,

2023

2022

2023

2022

(in thousands)

Revenue

Pay-TV

$     2,816,787

$    3,106,149

$   11,571,159

$  12,505,392

Retail Wireless

898,284

928,095

3,692,372

4,135,129

5G Network Deployment

24,027

17,406

91,928

65,768

Broadband and Satellite Services

449,779

499,857

1,755,559

1,998,093

All Other & Eliminations

(26,281)

(18,490)

(95,420)

(70,136)

Total

$     4,162,596

$    4,533,017

$   17,015,598

$  18,634,246

Net Income (loss) attributable to EchoStar

$    (2,029,882)

$      984,264

$    (1,702,057)

$    2,477,720

Purchases of property and equipment, net of refunds and other receipts (including capitalized interest related to regulatory authorizations)

Pay-TV

$         75,212

$        39,835

$        242,736

$       131,093

Retail Wireless

$                   –

–

$                    –

$                   –

5G Network Deployment

$       841,522

1,084,441

$     3,748,624

$    3,580,518

Broadband and Satellite Services

$         61,172

76,517

$        233,423

$       325,891

All Other & Eliminations

$                   –

(560)

$                    –

$         (2,721)

Total 

$       977,906

$    1,200,233

$     4,224,783

$    4,034,781

 

Reconciliation of GAAP to Non-GAAP Measurement:

For the Year Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

2,699,810

$

(643,184)

$

(1,881,369)

$

(458,609)

$

5,443

$

(277,909)

Depreciation and amortization

381,292

221,968

620,685

419,262

(45,284)

1,597,923

OIBDA

$

3,081,102

$

(421,216)

$

(1,260,684)

$

(39,347)

$

(39,841)

$

1,320,014

For the Year Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

2,933,898

$

(77,264)

$

(810,968)

$

181,615

$

5,557

$

2,232,838

Depreciation and amortization

428,471

177,914

131,566

462,748

(25,804)

1,174,895

OIBDA

$

3,362,369

$

100,650

$

(679,402)

$

644,363

$

(20,247)

$

3,407,733

For the three months Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

714,319

(344,312)

(682,701)

(540,152)

720

(852,127)

Depreciation and amortization

95,145

53,371

235,615

107,466

(9,273)

482,325

OIBDA

$

809,464

$

(290,941)

$

(447,087)

$

(432,686)

$

(8,553)

$

(369,803)

For the three months Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

748,729

(118,424)

(254,963)

50,418

1,753

427,513

Depreciation and amortization

100,398

50,534

53,914

111,115

(8,093)

307,869

OIBDA

$

849,127

$

(67,891)

$

(201,048)

$

161,533

$

(6,339)

$

735,382

 

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The consolidated financial statements of EchoStar for the periods ended December 31, 2023, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Friday, March 1, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13744790) or ask for the “EchoStar Corporation Q4 and Full Year 2023 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Boost Infinite, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

ECHOSTAR CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

As of  

 December 31, 

December 31,

2023

2022

Assets

Current Assets:

Cash and cash equivalents

$

1,821,376

$

2,497,536

Marketable investment securities

623,044

1,809,898

Trade accounts receivable, net of allowance for credit losses of $74,390
and $59,790, respectively

1,122,139

1,182,597

Inventory

665,169

625,979

Prepaids and other assets

644,005

617,819

Other current assets

16,081

23,884

Total current assets

4,891,814

6,757,713

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

118,065

117,011

Property and equipment, net

9,561,834

7,904,957

Regulatory authorizations, net

38,572,980

37,395,604

Other investments, net

314,370

524,905

Operating lease assets

3,065,448

2,823,834

Intangible assets, net

172,892

1,113,298

Other noncurrent assets, net

411,491

2,110,959

Total noncurrent assets

52,217,080

51,990,568

Total assets

$

57,108,894

$

58,748,281

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

774,011

$

1,023,537

Deferred revenue and other

754,658

833,213

Accrued programming

1,427,762

1,298,777

Accrued interest

297,678

298,043

Other accrued expenses and liabilities

1,717,826

1,436,485

Current portion of long-term debt and finance lease obligations

3,046,654

1,552,559

Total current liabilities

8,018,589

6,442,614

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion

19,717,266

21,343,561

Deferred tax liabilities, net

5,014,309

5,354,756

Operating lease liabilities

3,121,307

2,808,774

Long-term deferred revenue and other long-term liabilities

849,131

748,384

Total long-term obligations, net of current portion

28,702,013

30,255,475

Total liabilities

36,720,602

36,698,089

Commitments and Contingencies

Redeemable noncontrolling interests

438,382

464,359

Stockholders’ Equity (Deficit):

Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
140,153,020 and 138,128,368 shares issued and outstanding, respectively

140

138

Class B common stock, $0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding

131

131

Additional paid-in capital

8,301,979

8,222,599

Accumulated other comprehensive income (loss)

(160,056)

(175,267)

Accumulated earnings (deficit)

11,737,983

13,440,040

Total EchoStar stockholders’ equity (deficit)

19,880,177

21,487,641

Noncontrolling interests

69,733

98,192

Total stockholders’ equity (deficit)

19,949,910

21,585,833

Total liabilities and stockholders’ equity (deficit)

$

57,108,894

$

58,748,281

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

For the Years Ended December 31,

2023

2022

2021

Revenue:

Service and other revenue

$

16,145,763

$

17,596,265

$

18,598,313

Equipment sales and other revenue

869,835

1,037,981

1,220,365

Total revenue

17,015,598

18,634,246

19,818,678

Costs and Expenses (exclusive of depreciation and amortization):

Cost of services

9,510,427

10,111,341

10,717,333

Cost of sales – equipment and other

2,434,904

2,099,136

1,778,471

Selling, general and administrative expenses

2,989,154

3,015,325

2,686,279

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Total costs and expenses

17,293,507

16,401,408

16,396,274

Operating income (loss)

(277,909)

2,232,838

3,422,404

Other Income (Expense):

Interest income, net

207,374

93,240

33,903

Interest expense, net of amounts capitalized

(90,357)

(79,217)

(111,151)

Other, net

(1,770,792)

1,088,441

4,716

Total other income (expense)

(1,653,775)

1,102,464

(72,532)

Income (loss) before income taxes

(1,931,684)

3,335,302

3,349,872

Income tax (provision) benefit, net

296,860

(798,410)

(828,437)

Net income (loss)

(1,634,824)

2,536,892

2,521,435

Less: Net income (loss) attributable to noncontrolling interests, net of tax

67,233

59,172

35,150

Net income (loss) attributable to EchoStar

$

(1,702,057)

$

2,477,720

$

2,486,285

Weighted-average common shares outstanding – Class
A and B common stock:

Basic

270,842

270,102

275,117

Diluted

270,842

307,733

313,122

Earnings per share – Class A and B common stock:

Basic net income (loss) per share attributable to EchoStar

$

(6.28)

$

9.17

$

9.04

Diluted net income (loss) per share attributable to EchoStar

$

(6.28)

$

8.05

$

7.94

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Years Ended December 31,

2023

2022

2021

Cash Flows From Operating Activities:

Net income (loss)

$

(1,634,824)

$

2,536,892

$

2,521,435

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Realized and unrealized losses (gains) on investments, impairments and other

(46,888)

(72,371)

(7,541)

Realized and unrealized losses (gains) on derivatives

1,693,387

(1,015,387)

13,000

Non-cash, stock-based compensation

51,514

82,994

59,379

Deferred tax expense (benefit)

(337,222)

729,587

639,708

Changes in allowance for credit losses

14,600

6,590

(34,635)

Change in long-term deferred revenue and other long-term liabilities

15,825

83,453

65,943

Other, net

166,383

253,784

135,871

Changes in current assets and current liabilities, net

Trade accounts receivable

20,622

(74,812)

206,995

Prepaid and accrued income taxes

15,836

(36,115)

81,197

Inventory

(37,981)

16,200

(175,918)

Other current assets

(40,290)

21,737

(47,144)

Trade accounts payable

4,108

90,721

86,219

Deferred revenue and other

(78,555)

(71,709)

(62,034)

Accrued programming and other accrued expenses

267,110

(105,980)

(41,293)

Net cash flows from operating activities

2,432,647

3,621,190

4,655,373

Cash Flows From Investing Activities:

Purchases of marketable investment securities

(2,407,546)

(1,965,859)

(6,338,641)

Sales and maturities of marketable investment securities

3,710,544

4,159,830

4,390,903

Purchases of property and equipment

(3,100,921)

(3,050,472)

(1,619,312)

Refunds and other receipts of purchases of property and equipment

38,611

—

—

Capitalized interest related to regulatory authorizations

(1,162,473)

(984,309)

(777,885)

Proceeds from other debt investments

148,448

—

—

Refund of regulatory authorizations deposit

—

—

337,490

Purchases of regulatory authorizations, including deposits

(2,009)

(7,206,865)

(122,657)

Other, net

(33,386)

(11,900)

(116,621)

Net cash flows from investing activities

(2,808,732)

(9,059,575)

(4,246,723)

Cash Flows From Financing Activities:

Repayment of long-term debt and finance lease obligations

(121,981)

(86,229)

(89,958)

Redemption and repurchases of senior notes

(1,460,635)

(2,056,821)

(2,901,818)

Proceeds from issuance of senior notes

1,500,000

2,000,000

6,750,000

Repurchases of convertible notes

(182,834)

—

—

Early debt extinguishment gains (losses)

73,024

—

—

Net proceeds from Class A common stock options exercised and stock issued under the
Employee Stock Purchase Plan

10,598

27,438

68,182

Purchase of Northstar Manager, LLC’s ownership interest in Northstar Spectrum

(109,432)

—

—

Treasury share repurchase

—

(89,303)

(261,436)

Debt issuance costs and debt (discount) premium

21,635

(51,121)

(34,459)

Other, net

(7,496)

(18,413)

(15,507)

Net cash flows from financing activities

(277,121)

(274,449)

3,515,004

Effect of exchange rates on cash and cash equivalents

3,004

(2,306)

(3,749)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

(650,202)

(5,715,140)

3,919,905

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period

2,561,803

8,276,943

4,357,038

Cash, cash equivalents, restricted cash and cash equivalents, end of period

$

1,911,601

$

2,561,803

$

8,276,943

 

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SOURCE EchoStar Corporation

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JinkoSolar Unveils Tiger Neo 5.0 All-Black Residential Solar Module with 25.52% Efficiency

Published

58 minutes ago

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About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a holding company combining clean energy industrial operations and strategic investment in emerging technologies. Its industrial foundation is a controlling interest in Jinko Solar Co., Ltd. (SSE: 688223), a global leader in clean energy technology. The Company makes disciplined strategic investments in renewable energy, advanced materials, artificial intelligence, commercial space and other frontier technologies, drawing on its industrial experience and its ability to identify emerging technologies and bring them to commercial scale.

Through Jinko Solar Co., Ltd., the Company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar has over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.

To find out more, please see: www.jinkosolar.com 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com

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SOURCE JinkoSolar Holding Co., Ltd.

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AGFUND wins international award for excellence in inclusive banking and social impact

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 Prince Abdulaziz bin Talal credits the founders of AGFUND’s microfinance banks for laying the foundations of its development impact

BANGKOK, Oct. 17, 2026 /CNW/ — The Arab Gulf Programme for Development (AGFUND) won the “Excellence in Inclusive Banking and Social Impact” award at the 2026 Sustainable Development Goals Awards, organized by the World Savings and Retail Banking Institute (WSBI) in cooperation with the European Savings and Retail Banking Group (ESBG).

AGFUND CEO Hammam bin Nasser bin Juraid accepted the award in Bangkok, Thailand, alongside the Annual Meetings of the International Monetary Fund and World Bank Group.

HRH Prince Abdulaziz bin Talal bin Abdulaziz, President of AGFUND, said the recognition acknowledges AGFUND’s experience using financial services to empower underserved communities, strengthen livelihoods and promote economic independence.

He credited the founders of AGFUND’s microfinance banks, particularly the late Prince Talal bin Abdulaziz, for establishing institutions centered on empowering people.

He added that the award reflects over two decades of commitment, the dedication of financial inclusion banks and partners, and clients who transformed financing into businesses and family income. He emphasized expanding opportunities and measuring success through lasting improvements in people’s lives.

Prince Abdulaziz stressed that the recognition reflects the value of institutions reaching excluded populations and encourages broader access and economic opportunities for families.

AGFUND’s financial inclusion banking network has served more than 1.3 million clients and disbursed over US$1.37 billion in financing since inception. Women represent 59 per cent of borrowers, demonstrating its contribution to economic empowerment.

Presented by WSBI, established in 1924, together with ESBG, the award recognizes an approach linking financial services, social impact and sustainable development.

Following its first bank in Jordan in 2004, AGFUND expanded across nine countries: Jordan, Yemen, Bahrain, Syria, Lebanon, Palestine, Sudan, Mauritania and Sierra Leone, focusing on communities underserved by conventional financial institutions.

The network has issued more than 1.5 million loans, opened over 927,000 savings accounts, established 112 branches and employed more than 1,500 people. Its services finance micro and small enterprises and income-generating activities, improving livelihoods and economic independence.

AGFUND plans to strengthen development partnerships, advance digital solutions and innovative financial products, and integrate financing with training, capacity development, market access and risk protection.

It is also exploring geographic expansion, particularly in Africa, through institutional partnerships that adapt successful approaches to local needs and extend sustainable financial inclusion to more communities.

Website – https://agfund.org/

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SOURCE The Arab Gulf Programme for Development (AGFUND)

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GAC Showcases Multiple Models at Canton Fair: Systemic Global Expansion as a Response to High‑Level Opening‑Up

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October 17, 2026

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GUANGZHOU, China, Oct. 17, 2026 /PRNewswire/ — On 15 October, the 140th China Import and Export Fair (Canton Fair) kicked off in Guangzhou. Dubbed “China’s No.1 Exhibition” with a 70‑year history, it serves as a vital window for global merchants to understand China, and one of GAC’s stages to connect with the world. For international buyers, GAC serves not only as a sourcing platform but as a trusted channel for experiencing Chinese automotive innovation and building long-term local partnerships. Having made its debut in 2012, GAC has participated in the fair 30 times to date. Together with the Canton Fair, it has witnessed the transformation of Made‑in‑China products into Chinese global brands.

This transformation is reflected in GAC’s global expansion journey through a string of continuously refreshed sales figures. Overseas sales stood at 90,000 units in 2024, hit 130,000 units in 2025, and exceeded 197,000 units in January‑September 2026, representing a year‑on‑year surge of 138.9%. GAC is sprinting full steam ahead toward its annual target of 300,000 overseas units. GAC has accomplished a shift from “product export” to “system‑level global expansion”.

At the GAC booth, XT80, AION i60 and AISTALAND GX7 showcased intelligent driving, three-electric systems and premium cabins. The energy-ecology zone featured DC ultra-fast charging piles, 7 kW smart home chargers, multi-in-one electric drive units and PV-Storage-Charging-Swapping Technology, addressing range anxiety. Opening day drew buyers from Southeast Asia, the Middle East, Europe, Latin America and Africa. At the Music & Cuisine Festival, GAC built three immersive spaces blending smart mobility, Cantonese cuisine, camping and sports. The XT80, AION N60, GAC S7 and AISTALAND GT7 served as lifestyle carriers, letting guests enjoy morning tea, global cuisines and intangible cultural heritage.

GAC will advance its ONE GAC 2.0 strategy, deepening localized operations and expanding its systematic global layout. As a tribute to the Canton Fair’s 70th anniversary and a new business card for China’s auto industry, GAC will help drive Chinese intelligent manufacturing onto the global stage.

For further information about GAC, please visit https://www.gacgroup.com/en or follow us on social media.

 

SOURCE GAC

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