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."

High-end strategy the core focus

"BAIC sets out to cut production of mid- and low-end products, or even abandon the production completely," Xu said. "We will only preserve mid- and high-end products, especially in Beijing." The group will strictly control its production capacity in Beijing and have the base focus on R&D and sales, he added.

"BAIC will concentrate more on improving efficiency and product quality, not simply sales growth," the chairman said. "Sales growth can be single digit, but revenue and profits must maintain double-digit increases."

Sales of Beijing-Benz Automotive, a joint venture between BAIC and Daimler, jumped 19.6 percent to 252,000 units in the first half of the year, thanks to the fast-growing luxury car market. The group's other two joint ventures, Fujian-Benz Automotive and Beijing-Hyundai, also posted respective sales of 13,000 units and 380,000 units during the same period, up 40 percent and 26.2 percent on a yearly basis.