On the last working day of August, SAIC disclosed its annual financial report as scheduled. According to the data, the total operating income of SAIC in the first half of 2023 was 326.55 billion yuan, an increase of 3.34% over the same period last year; the net profit belonging to shareholders of listed companies was 7.09 billion yuan, up 2.54% from the same period last year; and the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 5.67 billion yuan, down 7.19% from the same period last year.
With regard to the increase in revenue and profit, SAIC said that during the reporting period, the company's major joint ventures accelerated the strategic transformation of new energy and increased the marketing of new products, although the current net profit at the single level of the manufacturing sector was affected. however, considering the contribution of positive factors such as consumption promotion and inventory reduction of sales companies, the impact of major joint ventures on the company's net profit for the current period is limited.
Since 2023, the domestic auto market has been extremely internal, and the overall influence of joint venture brands has declined, which has had an impact on many large auto companies, including SAIC.
According to the data, SAIC accumulated wholesale sales of 2.0716 million vehicles in the first half of the year, down 7.28% from the same period last year, of which sales of new energy vehicles were 372100, down 5.26% from the same period last year. In terms of specific brands, among the joint venture brands, SAIC Volkswagen sold 503300 vehicles in the first half of the year, down 12.42% from the same period last year, while SAIC GM sold 451000 vehicles, down 11.00% from the same period last year, and SAIC GM Wuling sold 520100 vehicles, down 16.39% from the same period last year. Among independent brands, SAIC sold 410800 passenger cars, up 12.30 per cent from a year earlier, while SAIC Chase sold 106000 vehicles, up 17.74 per cent from a year earlier. In addition, SAIC Zhiji sold 9790 vehicles.
According to Automotive Industry concern, SAIC-Volkswagen, SAIC-GM and SAIC-GM Wuling account for 71.17% of the group's total sales, while SAIC passenger cars and SAIC Chase account for only 24.17%. In other words, the joint venture brand is still the main source of sales of SAIC, while the sales of the three joint ventures have declined by more than double digits, and their performance will directly affect the group's performance, but the future growth will be driven by their own brands. although the sales volume of SAIC + SAIC Chase is far less than that of the joint venture brand, it has achieved year-on-year growth.
SAIC-Volkswagen and SAIC-GM are still the source of profits for the group, but the halo of the two joint ventures is gone. According to the financial report, SAIC-Volkswagen's operating income in the first half of the year was 53.634 billion yuan, down 15.65% from the same period last year, while net profit was 534 million yuan, down 80.95% from the same period last year. SAIC GM's operating income was 62.048 billion yuan, down 8.11% from the same period last year, while net profit was 528 million yuan, down 76.84% from the same period last year. SAIC GM Wuling's operating income was 26.995 billion yuan, down 16.17% from the same period last year, while net profit was 40 million yuan, down 88.60% from the same period last year.
Take SAIC Volkswagen as an example, it covers three major brands: Volkswagen, Skoda and Audi, but in fact, only Volkswagen models can be sold. At present, the domestic models of the brand include Lang Yi, Passat, Lingdu, Tuang, Tuguan, Tuyue, Tujia, Tuan, Weiran and so on. Lanyi is the highest-selling model of SAIC-Volkswagen, and it is also the evergreen model of joint venture compact car. Lang Yi sold a total of 151800 vehicles in the first half of the year.
Under the cruel knockout stage of the industry, joint venture brands are losing their pricing power in the Chinese market. The main A-class cost-effective products are controlled by independent brands. The price of BYD Qin PLUS Champion Edition has entered the price range of Lang Yi, whose fuel vehicle price system has been greatly impacted. At the same time, the joint venture brands are ill-prepared for the transformation of new energy, with Volkswagen ID.3 selling 12100 vehicles in half a year, ID.4 X 11800 and ID.6 X only 3852, which together are not even as good as BYD's monthly sales. As a last resort, SAIC-Volkswagen began to sell at reduced prices in the third quarter, including new energy vehicles and fuel vehicles, but the price-for-volume measure is undoubtedly drinking poison to quench thirst.
The independent brand has gradually grown into the group's growth potential stock. It is not difficult to see that SAIC still needs joint venture brand control at present, but it needs to be handed over to its own brand in the future. In the first half of the year, SAIC sold 410800 passenger vehicles, up 12.3 per cent from the same period last year, while SAIC Chase sold 106000 vehicles, up 17.74 per cent from the same period last year. According to SAIC's plan, self-owned brands will account for 60% of sales by 2025.
In addition, going out to sea has also become an important engine for SAIC's revenue growth. In the first half of the year, SAIC sold 533000 vehicles overseas, an increase of 40.01% over the same period last year, accounting for 22.8% of the total domestic car exports and 25.7% of the group's total sales. In terms of subdivision, the MG brand is still the main sales force, selling 115000 vehicles in Europe in the first half of the year and entering the top 10 in the Middle East, Chile, Australia and Mexico.
At the beginning of the year, SAIC said it made all-out efforts to sprint the annual target of 6 million vehicle sales, 1.5 million new energy vehicles and 1.2 million overseas sales. During the reporting period, SAIC sold a total of 2.0716 million vehicles in the first half of 2023. If calculated on the basis of the sales success rate, it is still 3.9 million short of the target of 6 million, and the pressure is still relatively great. In the future, joint venture brands can only maintain the market, while SAIC can only rely on independent brands and new energy vehicles for upward breakthrough, while Zhiji and Feifan brands invest a lot of resources, but there is still a long way to go to achieve blood recovery.
Now, the era of "market capitalization" and "earning 100 million a day" has also changed. SAIC is constantly strengthening the development of its own brand, but the elephant "turn around" is bound to be very difficult. Relying on performance and sales, SAIC's performance in the capital market is also not satisfactory. Its share price has started a sharp downward trend since it hit a high of 23.45 yuan in November 2020. SAIC shares closed at 14.54 yuan last trading day.
Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat
On March 2, Chery Holdings Group (hereinafter referred to as "Chery Group") released the latest monthly sales figures. According to the data, Chery Group sold 143155 vehicles in February 2024, an increase of 37.8% over the same period last year. The cumulative sales volume from January to February was 348019, up 69.5% from a year earlier. Chery Holdings
Recently, affected by the previous illegal incidents such as data fraud, the sales of Dafa cars decreased significantly in February. Data show that Daihatsu sold just over 9000 vehicles in Japan in February, down 82 per cent from the same period last year. Relevant data show that Daihatsu earlier made small-engine cars in Japan.
On the evening of March 1, Xiaopeng's official Weibo post responded to the "Xiaopeng P7 Suzhou accident". Xiaopeng Automobile said: "at 07:52 on February 29, 2024, a Xiaopeng P7 traffic accident occurred in Wujiang District, Suzhou City, Jiangsu Province. We express great pain for the casualties caused by the accident."
On March 2, Changan Automobile issued an official statement to clarify the incident of "spontaneous combustion as soon as the vehicle left the 4S store". Changan Automobile said in a statement that Changan Automobile was concerned that some online media forwarded videos of Changan users and made false reports under the title of "spontaneous combustion" and "just out of 4S store." Now, according to the circumstances of the incident,
According to the national enterprise credit information publicity system, industrial and commercial changes have taken place in Dongfeng Motor Co., Ltd., Zhu Yanfeng stepped down as legal representative and chairman, and Yang Qing took over. At the same time, a number of managers of the company also changed. According to the data, Dongfeng Motor Co., Ltd. was established in May 2003 with a registered capital of 16.
At the 2022 Guangzhou Auto Show, the 16th generation Crown officially opened the pre-sale, with a pre-sale range of 36.90-429000 yuan, and the new car will go on sale in the first quarter of 2023. It is understood that FAW Toyota officially released the 16th generation crown on November 15, and the new car was named "Crown SportCr".
As the auxiliary configuration of the passive safety of the car body, the role of the airbag is very important in the event of a collision, and the impact is huge when the airbag explodes, so it must be used with the seat belt in order to achieve the effect. Recently, when Mr. Zheng was driving back to Hangzhou in a traffic accident, his wife, who was sitting in the copilot, was burned by a burst airbag. After preliminary identification, the 4S store said: she is not wearing a seat belt. Mr. Zheng's Honda Accord was bought at the Honda 4S store in Hangzhou. It has been bought for nearly three years and is still under warranty. Recently, the car had a traffic accident. As can be seen in the picture, the car.
XC40, as a compact SUV under Volvo, has been made in China in the first half of this year, and has attracted many consumers in China by virtue of its reputation for safety and more people-friendly prices. A few days ago, Volvo launched a mixed version of XC40, and also plans to launch a pure electric version, which will be unveiled on October 16th and is expected to be listed in China. As the first all-electric model under the Volvo brand, the detail exposure shows that the new car adopts a "Scandinavian" design philosophy, with a closed grille and daytime driving lights with Thor hammer. Because it is an electric model, the official design.
Volkswagen's stake in Jianghuai was approved by anti-monopoly examination. Upon completion of the deal, Volkswagen China Investment will hold a 50 per cent stake in JAC Holdings and a 75 per cent stake in the joint venture Jianghuai Volkswagen. On November 24, Jianghuai Automobile issued an announcement that the company today received notice from Volkswagen China Investment, according to the investment agreement signed by Volkswagen China Investment with Anhui SASAC and JAC on June 11, as well as the investment agreement with Jianghuai shares and JAC Volkswagen. Volkswagen China Investment has submitted an anti-monopoly review declaration to the anti-monopoly review authorities of the relevant countries with pre-declaration obligations on the transactions under the two investment agreements. As of 11.
On May 7, Shandong Automobile Circulation Association issued a document entitled "consumption warning of Guanzhi Brand cars". According to the contents of the document, the consumption rights protection workstation of Shandong Automobile Circulation Association received a number of complaints about after-sale maintenance of Guanzhi car owners in Jinan. According to the investigation of the Association, four Baoneng in Jinan