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Manufacturers See Brakes Slammed on Q1 Profits 18 | Monday, May 6, 2019 Motoring CHINA DAILY HONG KONG EDITION Manufacturers see brakes slammed on Q1 profi ts New energy vehicles break industry trend, record strong growth By LI FUSHENG [email protected] Major carmakers in China from SAIC to Changan saw their profits slump in the fi rst quarter of this year, mainly as a continuation of the poor sales from the second half of 2018, and analysts said the bleak prospects may continue for several months to come. SAIC Motor Corp’s net profit dropped 15 percent year-on-year in Visitors look at the chassis of Leading Ideal One — the extended- the fi rst quarter to below 8.3 billion range electric vehicle launched by CHJ Automotive on Oct 18, 2018, yuan ($1.2 billion), according to its in Beijing. ZHANG DANDAN / CHINA DAILY fi nancial statement released last week. It is the fi rst time that China’s larg- est carmaker by sales volume has seen a fall in Q1 profi t in almost a decade. Its operating revenue fell even deeper, Startups step on it down 17 percent year-on-year to 19.6 billion yuan. The rare slump is mainly the result to get fundraising on of its lackluster sales. Its total deliver- ies from January to March stood at 1.53 million, down 16 percent from a year earlier. track for production SAIC GM sales dropped 13 per- A Roewe RX5 model is displayed at this year’s Shanghai auto show. LI FUSHENG / CHINA DAILY cent to 426,928, sales at SAIC-GM- Wuling shrank 25 percent to 429,012, By LI FUSHENG and sales at SAIC Volkswagen, which was the third straight quarter that the year, with its sales reaching 25,000, assembles cars for the Volkswagen Chongqing-based carmaker saw a fall up 20.46 percent year-on-year. BYD China’s new energy vehicle and Skoda brands, fell 8.8 percent to in its net profi t. Co reported a 632 percent jump in startups are upping their fund- 469,897. New energy vehicles Analysts said the poor performance fi rst-quarter net profi t to 749.73 mil- raising e orts in preparation for We have just one The joint ventures are cutting are expected to at its joint venture with Ford was the lion yuan, and its sales increased 5.2 kick-starting production of their goal this year: to inventories at their dealerships and main culprit. The joint venture, a percent to 117,578 vehicles in the fi rst models. planning new models to reverse the continue to sell well major profi t driver for Changan, has three months. CHJ Automotive is seeking to start production by sales declines. in the second quarter, su ered because it was late in intro- “New energy vehicles are expected raise $300 million to $500 mil- the end of the year.’’ GM has said its two joint ventures ducing new models into China. to continue to sell well in the second lion in its latest funding round, Daniel Kirchert, co-founder of combined will roll out more than 20 and new energy Faced with stiff competition and quarter, and new energy vehicle sales Reuters said citing two people Byton new and face-lifted models in 2019, vehicle sales and weaker demand, Changan Ford’s sales and revenues continue to maintain with direct knowledge of the half of which will be completely new dwindled to 36,800 in the fi rst quar- strong growth,” the company said in a matter. ones. revenues continue ter of the year. Back in 2017, the joint stock exchange fi ling. The money will be mainly SAIC Volkswagen will also launch to maintain strong venture delivered 950,000 vehicles a Competition is getting fiercer as used to fi nance mass production several new and improved products year. Ford has restructured its China established automakers roll out more of CHJ’s fi rst consumer model, this year. growth.’’ management team and sales network, models and startups launch their Leading Ideal One, as well as $2.5 They include the new Volkswagen BYD but it will take some time to see the fi rst ones, as the Chinese government for research and development, billion T-Cross crossover, improved versions e ects, said analysts. phases out subsidies to spur carmak- according to Reuters. estimated value of CHJ of the Volkswagen Polo and Skoda industry analysts. Volkswagen AG, New energy vehicle makers, how- ers to improve product quality and The startup was valued at Automotive ahead of its new Superb sedans and a sporty version of the best-selling carmaker in China, ever, are a totally di erent story with standards. Analysts said withdrawing around $2.5 billion ahead of funding round the Skoda Kamiq crossover. has reduced its goal to merely out- sales doubling in the fi rst quarter to subsidies may dent sales in the short the new funding round and has GM expects China’s vehicle sales to performing the overall market, which nearly 30,000. term but will benefi t the industry in hired Goldman Sachs to advise rebound in the second half of the year according to the CAAM will see zero CAAM expects sales of such vehicles the long run as it will force out those on the fundraising. Both the aims to manufacture 10,000 because of lower base numbers in the growth this year. to hit 1.7 million this year from 1.2 mil- over-reliant on fi nancial stimuli. They startup and the bank declined units by the fi rst half of 2020. same period last year. The prediction Changan’s net profi t slumped 250 lion in 2018. added that local governments’ invest- to comment. The startup believes the mod- is in line with the China Association of percent in the fi rst quarter, resulting Beijing New Energy Vehicle Co’s net ment in charging facilities will further The four-year-old company el, featuring an eye-catching Automobile Manufacturers and other in a net loss of over 2 billion yuan. It profi t went up 115 percent year-on- foster the sector in China. obtained a manufacturing huge display, represents the license last year and plans to transformation of the traditional start mass production of Leading car into a next-generation smart Ideal One, a seven-seat SUV, in device for every user. NEW ARRIVALS its wholly-owned plant in Chang- Also in April, Enovate said zhou, Jiangsu province in July, it had just fi nished its Series A one of the people involved said. funding, raising 2 billion yuan, Aion S The model, priced at 328,000 bringing its total funds to 6.5 bil- yuan ($48,703.99), will roll o lion yuan for its plan to produce the assembly line in the fourth smart electric vehicles. GAC New Energy Automobile Co launched quarter of this year, according to Founded by former Volkswa- its Aion S sedan, the fi rst model built based CHJ’s website. gen executive Zhang Hailiang, on its GEP platform, in late April. The post- The company opened fi ve retail the startup has begun presales subsidy prices of its four variants range from centers in a few Chinese cities in of its fi rst model, the ME7 SUV, 139,800 to 205,800 yuan ($20,758 to $30,565). May, with eight more expected to which made its debut last year The sedan, thanks to its high-density batteries open in the third quarter, which in Guangzhou, Guangdong prov- and e cient electric drive system, has a range has raised demand on cash fl ow ince. of up to 510 kilometers on one charge. The Aion as well. Enovate said it has started S also has Level 2 autonomous driving features CHJ founder Li Xiang warned to build its online and brick- and a roof that utilizes solar energy for cabin at a conference held earlier in and-mortar network. It has ventilation and battery charging. The model April of the challenging fund- announced plans to help build allows for up to 16,800 di erent customiza- raising environment, with inves- charging facilities across the tion choices, covering the range, the exterior tors more cautious about the country as well. and smart functions. Since presales started on industry, Chinese business pub- Leap Motor, advised by March 1, the carmaker has received more than lication Caixin reported. Deutsche Bank, is seeking pri- 30,000 orders. The company has previously vate fundraising of 2.5 billion raised around 6 billion yuan yuan, according to Reuters. from investors, according to Earlier in March, WM Motor local media reports. Its main announced it closed its Series C backers include venture capi- funding round at 3 billion yuan. Odyssey Sport Hybrid tal fi rm Matrix Partners China, WM sold around 4,085 vehi- State-owned Shougang Fund and cles in the first quarter of the conglomerate Yintai Group. year, making it the best-selling GAC Honda Automobile Co launched the hybrid Like CHJ, several other start- startup, according to local media version of its popular Odyssey MPV on April 29 in ups are in need of cash as they reports. Chengdu, Sichuan province. The model, called Odys- rev up preparation for produc- It was followed by Nio, which sey Sport Hybrid, features a 2.0-liter Atkinson-cycle tion. delivered 4,010 in the same i-VTEC engine and two-motor hybrid technology, Byton, whose co-founder period. Nio was the fi rst Chinese generating a maximum output of 158 kW. The electric Carsten Breitfeld quit suddenly electric car startup to go public.
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