In July, a number of car companies have announced their sales in the first half of the year. "Automotive Industry concern" summarizes the achievement of the annual targets of the 10 listed car companies that have announced sales. In terms of the completion rate, the annual target completion rates of the 10 listed companies that have announced sales are all below 50%, of which ideal Automobile, GAC GROUP, Changan Automobile, Geely Automobile and BYD are all above 40%. The completion rate of sales of Lulai Motor, Zero running Automobile and Xiaopeng Automobile is only over 20%.
BYD's annual sales target is particularly aggressive, so its target completion rate has also attracted a lot of market attention. At the results conference, BYD's sales target of 3 million vehicles in 2023, and strive to double to 3.6 million vehicles. Wang Chuanfu, chairman of BYD, said "the goal is to become the number one carmaker in China by the end of 2023".
For BYD, the annual sales target of 3 million vehicles is predictable, with cumulative sales of 1.2556 million vehicles by the end of June, with a target completion rate of 41.85 per cent. If BYD is to meet its annual sales target, it needs to reach 1.75 million vehicles in the remaining six months, equivalent to more than 290000 monthly sales, which may not be a big problem for sales of new brands and new models in the second half of the year. However, it is very difficult to become China's largest carmaker. At present, SAIC is the largest automaker in China, with cumulative wholesale sales of 5.303 million vehicles in 2022, down 3.2% from the same period last year, but has ranked first in domestic automobile group sales for 17 consecutive years.
SAIC remains China's largest carmaker, with cumulative sales of 2.0716 million vehicles in the first half, down 7.28 per cent from a year earlier, with an annual sales target of 34.53 per cent for 6 million vehicles. SAIC's sales contribution mainly came from the joint venture sector, with SAIC Volkswagen selling 503300 vehicles in the first half, SAIC GM 451000 vehicles and SAIC GM Wuling 520100 vehicles, but sales of all three joint ventures fell by more than double digits. In the future, SAIC's growth will come from its own brands. SAIC sold 410800 passenger cars in the first half of the year, up 12.30% from the same period last year.
GAC GROUP's situation is similar to that of SAIC, with cumulative sales of 1.163 million vehicles in the first half, with a sales completion rate of 44.05%. Its sales mainly come from the joint venture sector, including 452800 for Guangzhou Auto Toyota and 289900 for Guangzhou Automobile Honda, but both companies have declined. Guangzhou Auto Honda, in particular, fell by 18.89%. In the future, GAC GROUP's growth will also come from its own brands, especially Guangzhou Automobile Eian, which sold 209300 vehicles in the first half, an increase of 108.81 per cent over the same period last year.
In the case of Changan Automobile, the performance of independent brands is much better than that of joint venture brands. In the first half of the year, Changan Automobile Group sold 1.2157 million vehicles, an increase of 7.99 percent over the same period last year, with a target completion rate of 43.42 percent, of which 1.0205 million were owned brands, an increase of 13.39 percent over the same period last year. At the 2023 Changan Automobile Global Partnership Conference, Changan Automobile President Wang Jun once gave a very specific annual target, that is, Changan Automobile Group sales target of 2.8 million vehicles, of which Changan Automobile 1 million, Changan Auchan 310000, Deep Blue 400000, Avita 100000, Changan Kaicheng 270000, overseas sales target 220000.
As an independent brand, Great Wall Motor handed over a completion rate of 32.45% in the first half of the year, creating greater sales pressure in the second half of the year. Since April, sales of Great Wall have begun to increase. The layout of new models of Wei Brand and Harvard brand has added new vitality to Great Wall and become a new source of sales growth of Great Wall.
Let's take a look at Wei Xiaoli. At present, the market performance of the three auto companies is very differentiated. Ideal car has the highest sales of new power brands and the highest annual target completion rate of 46.37% on the list, and its sales exceeded 30,000 units for the first time in June. Li Xiang said that the goal of the ideal car is to achieve the first sales of all luxury brands in the Chinese market (that is, the first sales of all passenger cars of more than 200000 yuan), with a delivery volume of 1.6 million vehicles per year. It is understood that the ideal car will launch its first pure electric model in November.
Compared with the ideal car, Xilai and Xiaopeng are particularly difficult, with annual target completion rates of 22.27% and 20.72%, respectively. However, the two car companies are expected to rebound in the second half of the year, and the delivery of a new generation of models and the listing of the Xiaopeng G6 are likely to lead companies to growth again. However, the sales target of just over 20 per cent for more than half of the year means it will be very difficult to complete the full-year KPI by the end of the year.
In fact, it is normal that the sales target for the first half of the year is less than 50%. After all, the Spring Festival, Qingming Festival, May Day, Dragon Boat Festival and other long holidays are mainly concentrated in the first half of the year, which has a relatively great impact on the terminal market. July, as the beginning of the second half of the year, will be crucial to the performance of car companies in the second half of the year, but now the competition in China's automobile market has become particularly fierce, especially in the new energy vehicle market, and now Wei Xiaoli has parted ways. Aichi, Weimar, Reading and other car manufacturers have been exposed the survival crisis one after another.
At the 2022 performance communication meeting, Zhu Huarong, chairman of Changan Automobile, said that China's auto market is undergoing a reshuffle, with both opportunities and challenges. He points out that 75 car brands have been shut down and merged in the past three years, and 60 to 70 per cent of brands are conservatively expected to face closure and merger in the next two to three years. He believes that only the head enterprises with good products, strong technology, large scale and fast output can survive and develop in the fierce market competition. Enter the second half of the year, the market stock competition will be further intensified, who can go to the end, wait and see!
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