AutoBeta(AutoBeta.net)03/10 Report--

On March 8th, Guangzhou Automobile Group Co., Ltd. (hereinafter referred to as "GAC GROUP") released its February production and marketing KuaiBao. Data show that GAC GROUP's car sales in February were 98401, down 38.96% from the same period last year, and the cumulative sales from January to February of 2024 were 230371, down 25.24% from the same period last year. Of these, sales of new energy vehicles were 14383, down 54.98% from the same period last year, and the cumulative sales from January to February 2024 were 33100, down 22.68% from the same period last year.

Subdivided into sub-brands, among the joint venture brands, GAC Honda sold 29107 vehicles in February, down 29.39 per cent from a year earlier, while GAC Toyota sold 40024 vehicles, down 36.67 per cent from a year earlier. Among independent brands, GAC MOTOR sold 18472 vehicles in February, down 26.54 per cent from a year earlier, while GAC Ean sold 10006 vehicles, down 66.74 per cent from a year earlier. In terms of vehicle models, GAC GROUP's sales of new energy vehicles in February were 14383, down 54.98% from the same period last year, while sales of energy-efficient vehicles were 18991, down 40.41% from the same period last year.

Judging from the sales volume of various brands in February, both joint venture brands and independent brands showed a double-digit decline in February, of which the most serious decline was Guangzhou Automobile Ean, down 66.74% from the same period last year.

Ian, formerly known as GAC NE, was founded in 2017. In November 2020, GAC NE changed its name to GAC Ean and positioned it as a high-end smart electric vehicle brand. In the past 2023, GAC Ean sold a total of 480000 vehicles, an increase of 77.02% over the same period last year, becoming the "top seller" of the new power in 2023, but the annual target completion rate was only 96.00%. It is worth mentioning that even if GAC Ean fails to meet its annual sales target of 500000 vehicles, its monthly sales performance in 2023 shows a monthly growth trend from January to December. However, in the highly competitive new energy track, GAC's sales growth has slowed down.

At present, GAC Ean's sales mainly come from AION S and AION Y. retail sales of AION S in February were 5794 vehicles, which is also the main model GAC Ean put into the online car-hailing market, followed by AION Y, with 5462 vehicles. In order to boost sales, GAC Ean launched the Haopin brand, hoping to enter a new market, but the brand has yet to become a new growth point.

On March 3, GAC Ean announced that the AION Y Plus Xingyao version was officially on the market, with a price of 99800 yuan; on March 5, the price of the AION S MAX Xinghan version was reduced by 23000 yuan. At present, the price range of AION S MAX is 14.99-179900 yuan, and the official price of Star Han version is 179900 yuan. After the price reduction, the price of Star Han version is only 7000 yuan higher than that of the entry-level version. On March 7, all AION V Plus models dropped by 23000 yuan to senior officials.

As for the joint venture brand, at present, the joint venture brand is still GAC GROUP's main source of sales. As a member of GAC GROUP's joint venture brand, GAC-Mitsubishi has terminated domestic production. In October last year, GAC GROUP announced that in order to improve the operating situation of GAC-Mitsubishi Automobile Co., Ltd. (hereinafter referred to as "GAC-Mitsubishi"), and to make better use of existing production capacity and assets, it is proposed to implement restructuring matters such as equity adjustment of GAC-Mitsubishi and GAC-Mitsubishi Automobile sales Company. At present, the enterprise name of GAC-Mitsubishi Automobile Co., Ltd. has been changed to Hunan Zhiheng Automobile Management Co., Ltd., while Mitsubishi Automotive Industry Co., Ltd. and Mitsubishi Commercial Co., Ltd. have withdrawn from the ranks of shareholders. the company's business scope has added new energy vehicle sales, parking services and so on.

According to Automotive Industry concern, Guangzhou Auto Toyota and Guangzhou Automobile Honda account for 70.25% of the group's total sales, while GAC MOTOR and Guangzhou Automobile Ean account for only 28.94%. In other words, the joint venture brand is still GAC GROUP's main source of sales. But now the share of joint venture brands has begun to shrink, especially as Japanese joint venture brands are facing shrinking in China. Both Guangzhou Auto Toyota and Guangzhou Automobile Honda are difficult to fight a turnaround, and both fuel vehicle markets are being eroded by the new energy vehicle market.

The decline of the joint venture brand will also directly affect GAC GROUP's overall sales. Today's independent brands have gradually become the goal of global car companies to catch up, for GAC GROUP, if you want to sell to a higher level, you also need to rely on your own brands. It is worth mentioning that most of the sales of new energy vehicles represented by GAC Ean come from the online car-hailing market, but the online car-hailing market is becoming more and more saturated, how to expand the market share in the highly competitive new energy racetrack, it is a problem that GAC Ean has to think about.

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