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I feel bad! The sales of GAC joint venture brands have declined continuously.

2024-03-03 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/09 Report--

On September 8th, GAC GROUP released the latest production and marketing KuaiBao. According to the data, GAC GROUP sold 196800 cars in August, 9.68 per cent higher than the same period last year.

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In terms of specific brands, GAC Honda sold 42500 vehicles, down 40.22% from the same period last year, while GAC Toyota sold 70600 vehicles, down 16.56% from the same period last year. Among independent brands, GAC MOTOR sold 37600 vehicles, up 25.47% from the same period last year, while GAC Ean sold 45000 vehicles, up 66.63% from the same period last year.

According to Automotive Industry concern, GAC Toyota and GAC Honda accounted for 57.47% of the group's total sales, while GAC MOTOR and GAC Eian accounted for 41.97%. Although the joint venture brand is still the main source of sales of GAC GROUP, the share of the joint venture brand has begun to shrink, and its market performance is deteriorating. Admittedly, GAC GROUP's future growth will come from its own brand, regardless of GAC MOTOR or GAC Ean, sales have achieved double-digit growth.

Retail data show that GAC Toyota's best-selling model in August was Fenglanda, which was 19765, while Camry and Weilanda were both above 10,000, with 15719 and 11555 respectively. GAC Honda is even more bleak, with none of its models selling more than 10,000 models, and the highest-selling model is Accord, with only 9477, followed by style and Haoying, with 9429 and 9121 respectively.

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Prior to this, GAC GROUP released an interim performance report for 2023, showing that the group's net profit belonging to shareholders of listed companies in the first half of the year was 2.966 billion yuan, down 48.42% from the same period last year; net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 2.703 billion yuan, down 52.09% from the same period last year. GAC GROUP said in the financial report that "the investment income of the Group during the reporting period was about 5.448 billion yuan, a decrease of about 3.05 billion yuan over the same period last year, mainly due to the decline in the profits of Japanese joint ventures."

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In terms of full-year sales, Guangzhou Auto Honda's sales fell 25.70% year-on-year to 374400 vehicles from January to August 2023, while Guangzhou Auto Toyota fell 11.27% to 593400 vehicles. The decline of joint venture brands has begun to affect the group's sales. GAC GROUP's cumulative sales rose 1.14 per cent to 1.163 million vehicles in the first half from a year earlier, while by the end of August it had fallen 2.34 per cent to 1.5507 million vehicles. If the sales of the joint venture brand do not improve in the coming months, there is a good chance that GAC GROUP's annual sales target will not be met. By the end of August, GAC GROUP had achieved his target of 57.82%, and he was under great pressure to complete one million sales in the next four months.

For GAC GROUP, if you want to achieve the sales target, you must rely on your own brand. The new energy vehicle represented by GAC Ean has a rapid momentum, and its sales growth rate is much better than that of the industry, but the hidden worry is that about 30% of GAC Ean's sales come from the online car-hailing market, which, like BYD, has become the main supplier brand in the online car-hailing market, with a regular price, service life and quality performance of less than 200000 yuan. Let AION S become a serious cost-effective model for ride-hailing drivers and one of the best performing brands in the new power. However, at present, the ride-hailing market has gradually become saturated, and many places have issued early warning and restrictions on ride-hailing saturation to remind practitioners to seriously consider entering the market, which is not a good signal for GAC Ean.

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In addition, the online ride-hailing image is also not conducive to brand upward, once the brand and online ride-hailing binding, it is difficult to talk about high-end. At present, Guangzhou Auto EA's models for sale include four models: AION S, AION V, AION Y and AION LX. There is no essential distinction between the five models. In the past two years, a round of technical innovation on the platform and three electricity has been basically completed. This is also the reason why GAC Ean launched Haopin, because the Ean brand has been unable to make a high-end and can only start a new stove.

The decline of joint venture brands and the head-on catch-up of independent brands have become the truest portrayal of China's automobile market, and it also reveals the awkward position of joint venture brands in the domestic market. Previously, joint venture brands have dominated the Chinese car market for more than 20 years, and Chinese car brands have no choice, but now independent brands have gradually become the target for global car companies to catch up.

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