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It is exposed that some of the fuel vehicle production lines of a joint venture company may face suspension of production.

2024-02-23 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)08/05 Report--

According to media reports, a number of FAW-Volkswagen oil truck production lines will be shut down. According to the report, under the influence of production contraction, FAW-Volkswagen had to deploy personnel between several major factory bases to keep employees and avoid layoffs. Among the five major factories of FAW-Volkswagen, the Changchun plant will become the hardest-hit area of personnel deployment.

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In response to the above news, FAW-Volkswagen related sources told the media: no relevant information has been received, while other insiders say that the production line of stopped oil vehicles is a rumor. As of press time, FAW-Volkswagen official did not respond to the above news.

It is understood that at present, FAW-Volkswagen has five major production bases: Changchun Northeast Base, Tianjin North China Base, Qingdao East China Base, Chengdu Southwest Base and Foshan South China Base. It has seven professional automobile and parts production plants, such as car factory 1, car factory 2, car factory 3, car factory 4, engine transmission factory, Chengdu engine factory and stamping center. Among them, Changchun has the largest scale, the largest number of people and the oldest factory, which has been put into production for more than 30 years. According to the report, the factory has a large number of veteran employees, and because of this, the Changchun factory will become the hardest-hit area of personnel deployment.

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FAW-Volkswagen sold 2.162 million vehicles annually in 2020, which was once the only passenger car company in China with annual sales exceeding 2 million vehicles. By 2022, BYD will be the top domestic passenger car company with sales of 1.805 million vehicles, ending the 40-year dominance of joint ventures such as North and South Volkswagen. In the first half of this year, FAW-Volkswagen still lagged behind BYD. FAW-Volkswagen sold 838700 vehicles in the first half of the year, down 2.8 per cent from the same period last year, according to data from the joint venture. By comparison, another Volkswagen joint venture brand SAIC-Volkswagen also fell 0.1 per cent to 532500 vehicles.

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Among the subdivided models, the top three models sold by FAW-Volkswagen in the first half of this year were Suiteng, Bora and Maiteng, with sales of 118758, 76194 and 73850 respectively. In other words, fuel vehicles are still an important source of sales for FAW-Volkswagen. For comparison, the cumulative sales of the ID.4 CROZZ and ID.6 CROZZ pure electric models are 13800 and 6247 respectively.

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On July 27, Volkswagen held its first half of 2023 earnings meeting. Volkswagen's revenue in the first half of this year was 156.3 billion euros, up 18% from a year earlier, its operating profit was 11.3 billion euros, down 14% from a year earlier, and its operating profit margin was 7.3%, compared with 10% in the same period last year, according to financial data. According to the data, although Volkswagen's revenue has increased, profits have declined. Volkswagen delivered 4.372 million vehicles in the first half of 2023, up 12.8% from a year earlier. Volkswagen's share of global sales in China fell from 37.9% to 33.2%, with a lower market share than in Europe. Volkswagen delivery fell 1.2% to 1.452 million vehicles in the first half of the year compared with the same period last year.

Given the poor performance of the Chinese market, Volkswagen cut its full-year delivery to 9 million vehicles from 9 million to 9.5 million vehicles, while Volkswagen will improve its financial position in the second half of the year by raising prices and cutting costs.

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