AS of 03-Sep-2021 Solactive China Automobile Performance-Index
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NEV Users to Get Better Customer Protection
16 | Monday, August 2, 2021 HONG KONG EDITION | CHINA DAILY 10 | Wednesday, March 6, 2019 CHINA DAILY Firms to help European EV ambitions By LI FUSHENG end of the decade. It said the [email protected] investment will make its battery plant the first gigafactory in Chinese electric car battery China’s dominance France. makers are expanding their pres- of the industry is to “The battery plant is the begin- ence in Europe to support the ning of our cooperation. We will ambitions of native governments be expected given its have comprehensive strategic and carmakers in electrification. huge investments cooperation with Renault, includ- Last year, 1.39 million electric ing green factories, zero-carbon cars and plug-in hybrids were sold and the policies the technology, and the deployment of in the European Union; more than country has smart-charging infrastructure in those sold in China, the world’s Europe. This is just a starting largest single market for such implemented over point,” said Envision Group CEO vehicles. the past decade.” Zhang Lei. This momentum is expected to Earlier this month, Envision continue in the coming years as James Frith, BloombergNEF’s said it would make another invest- car giants, including Volkswagen head of energy storage ment of 423 million pounds ($576 and Daimler, have revealed a mas- million) to build a gigafactory in sive shift toward electrification the United Kingdom. and EU governments are imposing cell factory layout, machinery and This would be part of a flagship stricter rules on gasoline vehicles. production processes,” said the EV hub project with Japanese car- However, as Europe’s battery group that owns brands including maker Nissan. -
Le 17H00 26/11/2020
LE 17H00 26/11/2020 ATHLON FRANCE TRAVAILLE AU DÉPLOIEMENT D’UNE OFFRE DE MOBILITÉ Opérationnelle aux Pays-Bas, l’offre Athlon Flex, anciennement ChangeMyCar, sera testée en France en 2021 auprès d’un client pilote. « Athlon International avait conclu après une longue étude que les conducteurs avaient besoin de beaucoup plus de flexibilité, de pouvoir changer de voiture beaucoup plus souvent, alors que les contrats de LLD courent généralement sur trois ou quatre ans et bloquent tout changement sur cette période. Or il se trouve que la vie des conducteurs peut changer, ils peuvent par exemple avoir des enfants et avoir donc avoir besoin d’un véhicule plus grand », explique Gérard de Chalonge, directeur commercial et marketing d’Athlon France. L’idée centrale d’Athlon Flex est que les employés choisissent et modifient les solutions qui correspondent à leurs besoins de mobilité changeants. Un jeune diplômé qui commence tout juste son premier emploi peut combiner une voiture, un vélo et les transports en commun. Les employés peuvent conduire à une voiture électrique au quotidien tout en conservant la flexibilité nécessaire pour revenir à une voiture thermique pour les vacances. Les jeunes familles peuvent quant à elle passer à une voiture familiale pour s’adapter à leurs enfants. Il s’agit en quelque sorte d’un budget mobilité dernière génération qui repose sur une application mobile. La prochaine étape sera un déploiement sur le marché français. Gérard de Chalonge précise que l’offre sera testée en 2021 auprès d’un client pilote, l’objectif étant « d’adapter le dispositif à notre culture, au contexte et aux besoins locaux car la maturité des Pays-Bas sur les questions de mobilité est plus avancée que la nôtre ». -
Pengyuan Credit Rating (Hong Kong) Co.,Ltd
Corporate China Weichai Power Co., Ltd. Ratings Overview Issuer Rating ▪ Pengyuan International has assigned a first-time global scale long-term issuer LT Issuer Credit Rating BBB+ credit rating (LTICR) of ‘BBB+’ to Weichai Power Co., Ltd. (Weichai). The outlook is stable. Outlook Stable ▪ The rating reflects Weichai’s position as the leading domestic heavy-duty truck player with increasing business diversification through an expanded product portfolio, its presence in KION Group and an exceptional leverage profile with Contents strong cash flow. On the other hand, Weichai’s rating is constrained by its relatively high exposure to cyclical heavy-duty truck market in China. Key Rating Drivers .........................2 ▪ Weichai primarily engages in the development and manufacturing of vehicles and components, mainly powertrains such as engines, gearboxes and axles, Business Profiles ...........................3 forklift trucks and the provision of warehouse technology services. In 2020, Financial Profile .............................5 24% of its revenue came from engines, 43% from automobiles and automobile components and 33% from intelligent logistics. Liquidity .........................................6 Company Background ...................6 Rating Outlook Peer comparison ...........................6 ▪ The stable outlook for Weichai reflects our expectation that the Company will Rating Scores Summary ................8 continuously maintain its leading market position in the Chinese powertrain Related Criteria ..............................8 market given its extensive track record of technological innovation in the development of powertrain products such as diesel engines, gearboxes and axles. ▪ We would consider upgrading Weichai’s issuer credit rating if its credit profile improves substantially, which could be caused by: 1) a remarkable increase in market share in the key markets; and 2) a significant improvement in business diversity through successful overseas business expansion or business diversification to non-heavy-duty truck related business. -
Development & Policy Forecast for Global and Chinese NEV Markets
Development & Policy Forecast for Global and Chinese NEV Markets in 2021 Invited by China EV 100, officials and experts from domestic and foreign government agencies, industry associations, research institutions and businesses attended the 7th China EV 100 Forum in January 15-17, 2021. The summary below captures the observations and insight of the speakers at the forum on the industry trend and policy forecast in the world and China in 2021. Ⅰ. 2021 Global & China Auto Market Trend 1. In 2021, the global auto market may resume growth, and the NEV boom is set to continue. 2020 saw a prevalent downturn of the auto sector in major countries due to the onslaught of COVID-19, yet the sales of NEVs witnessed a spike despite the odds, with much greater penetration in various countries. The monthly penetration of electric vehicles in Germany jumped from 7% to 20% in half a year and is expected to hit 12% in 2020, up 220% year on year; Norway reported an 80% market share of EVs in November, which is projected to exceed 70% for the whole year, topping the global ranking. Multiple consultancy firms foresee a comeback of global sales growth and a continuance of NEV boom in 2021 as coronavirus eases. 2. China's auto market as a whole is expected to remain stable in 2021, 1 with a strong boost in NEV sales. In 2020, China spearheaded global NEV market growth with record sales of 1.367 million units. The Development Research Center of the State Council expects overall auto sales to grow slightly in 2021, which ranges 0-2%. -
Chapter 2 China's Cars and Parts
Chapter 2 China’s cars and parts: development of an industry and strategic focus on Europe Peter Pawlicki and Siqi Luo 1. Introduction Initially, Chinese investments – across all industries in Europe – especially acquisitions of European companies were discussed in a relatively negative way. Politicians, trade unionists and workers, as well as industry representatives feared the sell-off and the subsequent rapid drainage of industrial capabilities – both manufacturing and R&D expertise – and with this a loss of jobs. However, with time, coverage of Chinese investments has changed due to good experiences with the new investors, as well as the sheer number of investments. Europe saw the first major wave of Chinese investments right after the financial crisis in 2008–2009 driven by the low share prices of European companies and general economic decline. However, Chinese investments worldwide as well as in Europe have not declined since, but have been growing and their strategic character strengthening. Chinese investors acquiring European companies are neither new nor exceptional anymore and acquired companies have already gained some experience with Chinese investors. The European automotive industry remains one of the most important investment targets for Chinese companies. As in Europe the automotive industry in China is one of the major pillars of its industry and its recent industrial upgrading dynamics. Many of China’s central industrial policy strategies – Sino-foreign joint ventures and trading market for technologies – have been established with the aim of developing an indigenous car industry with Chinese car OEMs. These instruments have also been transferred to other industries, such as telecommunications equipment. -
Green Competitiveness Research on Chinese Automotive Enterprises
Journal of Industrial Engineering and Management JIEM, 2014 – 7(2): 559-572 – Online ISSN: 2014-0953 – Print ISSN: 2014-8423 http://dx.doi.org/10.3926/jiem.1032 Green competitiveness research on Chinese automotive enterprises Yuanhui Li School of Economics and Management, Beijing Jiaotong University (China) [email protected] Abstract: Purpose: More and more executives of automobile industry in China start to recognize the concept of green competitiveness recently. However, relatively less research attention has been devoted to the consideration of measurement. This paper aims to find empirical approach to quantify green competitiveness for automotive enterprises. The connotation of green competitiveness is explored and one suite of evaluation index system has been proposed with four dimensions including environmental, resource, capability and knowledge. Design/methodology/approach: By introducing the factor analysis method, green competitiveness has been measured through an empirical analysis of 24 automotive enterprises within China. Findings: The results indicate that those elements, such as enterprise resource possession and utilization; environment, responsibility and knowledge; profitability; management efficiency, have significant effect on the green competitiveness for automotive enterprises. The further analysis also unveils the advantages and disadvantages of green competitiveness for each company and the direction for improvement. Research limitations/implications: Guide regulators and managers of automobile industry to take some measures to enhance their green competitive advantage. Practical implications: Provide practical methods to measure green competitiveness for automotive enterprises. -559- Journal of Industrial Engineering and Management – http://dx.doi.org/10.3926/jiem.1032 Originality/value: This paper proposes an evaluation index system of green competitiveness for automotive enterprises. -
China Automotive Industry Study Report for the Swedish Energy Agency August 2019
BUSINESS SWEDEN CHINA AUTOMOTIVE INDUSTRY STUDY REPORT FOR THE SWEDISH ENERGY AGENCY AUGUST 2019 www.eqtpartners.com An assignment from the Swedish Energy Agency Göran Stegrin, email [email protected] Disclaimer: This report reflects the view of the consultant (Business Sweden) and is not an official standpoint by the agency. BUSINESS SWEDEN | CHINA AUTOMOTIVE IND USTRY STUDY | 2 SUMMARY Economic slowdown and an ongoing trade war with the United States have impacted the Chinese automotive market. In 2018, new vehicle sales declined for the first time in 20 years. Sales totaled 28,08 million units, reflecting a -2.8% y/y. Electric vehicles remain a promising segment, as the government still provides substantial subsidies to manufacturers, while customers are offered incentives and favorable discounts for purchasing. In order to guide the industry, the Chinses government is gradually reducing subsidies. Stricter rules are also set to raise the subsidy threshold, which will force both OEMs and suppliers along the value chain to increasingly convert themselves into hi-tech companies with core competencies. The evolution is driven by solutions addressing the three main issues created by the last decade’s market boom: energy consumption, pollution and traffic congestion. The Chinese government has shifted its attention from total volume to engine mix and is progressively creating incentives to small and low emission vehicles, while supporting investment in new energy vehicles, mainly electric. In this direction, technologies surrounding new energy vehicles such as power cell materials, fuel cell and driving motor will receive strong support and offer more opportunities. In the light weight area, structure optimization is still the primary ways for OEMs the achieve the weight reduction goal. -
Social Responsibility Report of Nissan's Subsidiaries
2015 SOCIAL RESPONSIBILITY REPORT OF NISSAN’S SUBSIDIARIES IN CHINA Introduction As the second social responsibility report released by Nissan Motor Company in China, and Dongfeng Motor Group Co., Ltd. in China), and Dongfeng Infiniti Automobile Co., 2015 SOCIAL RESPONSIBILITY REPORT OF NISSAN’S SUBSIDIARIES IN CHINA Ltd., an independent wholly-owned subsidiary of Dongfeng Motor Company Limited. In (hereinafter referred to as “this Report” or “the Report”) mainly describes the social this Report, “Nissan's subsidiaries in China” refer to the companies above in general, responsibility performance of Nissan’s subsidiaries in China from January to December and “Nissan” refers to Nissan Motor Company. 2014, with part of the data and descriptions involving information before 2014. All the information and data in this Report are supplied by Nissan's subsidiaries in This Report covers Nissan’s wholly-owned subsidiary in China – Nissan (China) China. Nissan ensures that the materials related to this Report are authentic and reliable Investment Co., Ltd., two joint ventures – Dongfeng Nissan Passenger Vehicle Company and that no false record, major omission or misleading statement is contained here in and Zhengzhou Nissan Automobile Co., Ltd. (i.e., the subsidiary companies of this Report. In addition, all the amounts in this Report are denominated in RMB (Yuan) Dongfeng Motor Co., Ltd., a joint venture between Nissan (China) Investment Co., Ltd. unless specified otherwise. 01 2015 SOCIAL RESPONSIBILITY REPORT OF NISSAN’S SUBSIDIARIES IN CHINA -
Dealers Dealt Blow in Depressed Auto Market
CHINA DAILY | HONG KONG EDITION Monday, May 6, 2019 MOTORING | 19 Foton’s commercial Short Torque Tesla’s tariff relief request rejected focus steers brand Trade officials from the United States rejected Tesla Inc’s bid for relief from President Donald toward success Trump’s 25 percent tariffs on the Chinese-made Autopilot “brain” of its Model 3 and other electric By LI FUSHENG vehicles, one of more than 1,000 [email protected] product denials linked to China’s industrial development plans. Foton Motor Group’s strategy Our strategy is According to documents filed by of focusing more on commercial clear. We improve the US Trade Representative’s vehicles is producing promising office and reviewed by Reuters, results, with its business revenue products and exclusion requests from Tesla in the first quarter of this year operation, and and others for Chinese-made growing 50 percent year-on-year products from aircraft parts to over 14 billion yuan ($2.07 bil- meanwhile increase to biotechnology instruments lion). investment to were denied because they The strategy has driven its prof- were deemed “strategically its in the three months to grow by sharpen our important” to the “Made in more than 80 million yuan com- competitive edge.’’ China 2025” program. pared with the same period last Cars await sale at a dealership in Shenyang, Liaoning province. PROVIDED TO CHINA DAILY president of year, according to statistics the Gong Yueqiong, Foton Volvo’s global car Chinese automaker released in orders up in April late April. The results came three months Volvo Cars global sales grew by after it sold a majority stake in 7.4 percent in April, compared Borgward, a passenger car brand 2.8 Dealers dealt blow in with the same period last year, it purchased in 2014 but failed billion yuan according to a company news to make a success in the Chinese release on Friday. -
China Autos Asia China Automobiles & Components
Deutsche Bank Markets Research Industry Date 18 May 2016 China Autos Asia China Automobiles & Components Vincent Ha, CFA Fei Sun, CFA Research Analyst Research Analyst (+852 ) 2203 6247 (+852 ) 2203 6130 [email protected] [email protected] F.I.T.T. for investors What you should know about China's new energy vehicle (NEV) market Many players, but only a few are making meaningful earnings contributions One can question China’s target to put 5m New Energy Vehicles on the road by 2020, or its ambition to prove itself a technology leader in the field, but the surge in demand with 171k vehicles sold in 4Q15 cannot be denied. Policy imperatives and government support could ensure three-fold volume growth by 2020, which would make China half of this developing global market. New entrants are proliferating, with few clear winners as yet, but we conclude that Yutong and BYD have the scale of NEV sales today to support Buy ratings. ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Deutsche Bank Markets Research Asia Industry Date China 18 May 2016 Automobiles & China -
Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013
Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013 Dongfeng Motor (489.HK) Automobile Sector 10 January 2013 Research Idea: Moving Up the Gears Target Price HK$15.00 We rate Dongfeng Motor (DFG) a Buy with 12-month target price of 12m Rating Buy HK$15.00. Its sales have dropped since Q3 2012 amid Sino-Japan tensions, 16% upside but we expect a recovery to pre-protest levels in Q1 2013 and growth to DFG – Price Chart (HK$) persist backed by a strong brand lineup. As one of the nation’s leading 22 Bull, HK$20.90 20 automakers, DFG is a good proxy for a secular sector growth story. 18 16 Base, HK$15.00 Three reasons to Buy: 14 12 10 . Sino-Japanese tensions have eased. DF Honda’s sales rebounded to 8 pre-protest levels while DF Nissan’s rebounded to 80% of pre-protest 6 Bear, HK$6.40 Jan12 May12 Sep12 Jan13 May13 Sep13 Jan14 levels in December, well above expectations. Consumer concerns about damage to vehicles should be offset by Sino-Japan auto JVs Price (HK$) 12.96 guaranteeing to repair damage caused during the recent unrest. We Mkt cap – HK$m (US$m) 112,354 (14,494) expect DFG’s sales volume growth to rebound from down 0.8% to +11% in FY13. Free float – % (H-share) 100.00 3M avg. t/o– HK$m (US$m) 299.5 (38.6) . Strong brand lineup can facilitate market-share gains. DFG has Major shareholder (%) three JVs and a comprehensive range of well-received models, which should help minimize sales fluctuations. -
M Winning in the Aftermarket
MM August 10, 2020 09:47 PM GMT China Autos & Shared Mobility Winning in the Aftermarket Despite a slowing new car market, we look for 7% CAGR revenue opportunities from the auto aftermarket in 2020-25. Auto dealers, especially for luxury brands, will remain the mainstay for after-sales services, while independent repair chain stores have a chance to shine. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Shelley Wang, CFA Jack Yeung Tim Hsiao Equity Analyst Equity Analyst Equity Analyst +852 3963-0047 +852 2239-7843 +852 2848-1982 [email protected] [email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Frank Wan Gary Yu Eddy Wang, CFA Research Associate Equity Analyst Equity Analyst +852 2239-1229 +852 2848-6918 +852 2239-7339 [email protected] [email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY & CO.