2020 Annual Results Announcement
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All-New Electric SUV AIRTREK Teased at Auto Shanghai 2021
4/19/2021 No.1325 All-New Electric SUV AIRTREK Teased at Auto Shanghai 2021 Tokyo, April 19, 2021 – MITSUBISHI MOTORS CORPORATION (MMC) announced that GAC Mitsubishi Motors Co., Ltd. (GMMC)1, MMC’s vehicle production and sales joint venture in China, today teased the all-new electric SUV AIRTREK at Auto Shanghai 20212. 1. A joint venture between Guangzhou Automobile Group Co., Ltd. (GAC), Mitsubishi Corporation and MMC. 2. Officially called The 19th Shanghai International Automobile Industry Exhibition. April 19 and 20 are Press Days, and April 21 to 23 are Trade Days. The show is open to the public from April 24 to 28. The exhibition is held at the National Exhibition and Convention Center (Shanghai). The all-new AIRTREK is based on the concept of an “e-cruising SUV” founded on three keywords: “Electric (electric vehicle),” “Expanding (expanding life’s pleasures with a car)” and “Expressive (expressing the uniqueness of MITSUBISHI MOTORS).” It generates an image of advanced sophistication fit for an EV while incorporating MMC’s consistent design identity, represented by its Dynamic Shield front design concept, and is styled to express the powerful performance expected of a Mitsubishi vehicle. “We have developed the AIRTREK as an SUV that enables customers to enjoy limitless adventures,” said John Signoriello, executive officer, responsible for global marketing and sales, MMC. “Designed exclusively for the Chinese market, the all-new AIRTREK will be launched by the end of this year as the fourth model of MITSUBISHI MOTORS’ lineup in China. With the addition of this electric vehicle, we aim to contribute to creating a sustainable mobility society.” # # # -1- . -
GAC Motor Unveils Concept Car ENTRANZE at NAIAS 2019
GAC Motor Unveils Concept Car ENTRANZE at NAIAS 2019 Detroit, U.S., January 14, 2019 Automaker GAC Motor impressed audiences at the 2019 North American International Auto Show (NAIAS) on January 14 with the world premiere of its ENTRANZE concept car, emphasizing the automaker's human-centric approach to family vehicles. The ceremony was attended by distinguished guests, including media, global suppliers and partners. Developed by the GAC Motor’s Advanced Design Center in Los Angeles, the bullet- inspired ENTRANZE concept is designed to meet the needs of American consumers. It offers a revolutionary vision of future mobility, showcasing new energy breakthroughs, an upgraded user experience (UI), unique interior and exterior design concepts, and technology features including: Replacement of traditional control panel with an advanced voice-controlled UI and dynamic buttons on the steering wheel New 3+2+2 seating arrangement and aircraft-inspired aisle Two-side mounted displays for functional feature control, plus curved displays for passenger entertainment Integrated cargo system with a central movable storage unit in the second row, removable backpacks doubling as in-vehicle storage and folding rocker panel for leisure seating. “Ultimately, automotive products are a means for people to connect during life’s great journey. The ENTRANZE concept embodies our vision to provide mobility solutions that enrich lives,” said Yu Jun, president of GAC Motor. GAC Motor has also displayed its portfolio of star vehicles of SUVs, sedans, minivans and NEVs, including GS3, GS4, GS5, GS7, GS8, GA4, GM6, GM8, and GE3 530 at NAIAS 2019. California Headquarters Announced At the show, GAC Motor officially announced that it has registered its North American Sales Company in Irvine, Calif., near Los Angeles. -
Outlook Is Not So Dim Recommendation: BUY
MASTERS IN FINANCE QUITY ESEARCH E R GREATWALL MOTOR (2333 HK) COMPANY REPORT INDUSTRY : AUTOMOBILE 5 MAY 2016 STUDENT: JIASHENG WANG [email protected] Outlook is not so dim Recommendation: BUY GWM is underpriced despite of no growth prospect Price Target FY17: 11.29 HK$ . Consumers’ affection for SUV didn’t cool down in 2015 and Price (as of 4-May- will extend to next two years whereas the whole vehicle market of 5.88 HK$ 2016) China regressed to the slowing GDP growth. Thanks to deep dedication to SUV segment (82% of total), the company achieved the 52-week range (HK$) 4.96-18.57 sale target of 850k vehicles in 2015 with 21.5% revenue growth. But Market Cap (HK$ m) 79,399 Outstanding Shares (m) 9,127 GWM’s SUV growth was below the industry average. Company’s net profit held on due to deterioration of margin rate. In Q1 2016, most of Source: Bloomberg and company f ile as of May 4, 2016 the models showed negative YoY growth apart from H1 and H6. In 2015 the highest-end SUV H8 was eventually launched after several postponements but ended up with poor sale. The frequent price-off promotion propped up the double-digit growth but gross margin was hurt. The marketing strategy of “Blue-Red logo” would greatly enrich GWM’s product lines and enhance effectiveness of marketing strategy. Also, the establishments of factory and sale branches oversea would bring to GWM more sources of income. I hold bearish view on GWM’s future performance because: Source: Bloomberg (base date: Jan 2005) (i)the price of upcoming SUV H7 is not friendly enough to become a (Values in 2015 2016E 2017E 2018E RMB millions) hot sale model; (ii)the next generation of H6 might loss cost Rev enues 76,033 80,943 89,560 94,568 advantage given the current price war; (iii)the fail of equity financing Gross prof it 16,222 17,979 18,174 19,176 delays GWM’s entrance into NEV market. -
2021 Interim Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣 州 汽 車 集 團 股 份 有 限 公 司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2238) 2021 INTERIM RESULTS ANNOUNCEMENT IMPORTANT NOTICE (I) The Board, the supervisory committee and the directors, supervisors and senior management of the Company warrant that the contents contained herein are true, accurate and complete. There are no false representations or misleading statements contained in or material omissions from this announcement, and they will jointly and severally accept responsibility. (II) All directors of the Company have attended the meeting of the Board. (III) The interim financial report of the Company is unaudited. The Audit Committee of the Company has reviewed the unaudited interim results of the Company for the six months ended 30 June 2021 and agreed to submit it to the Board for approval. (IV) Zeng Qinghong, the person in charge of the Company and Feng Xingya, the General Manager of the Company, Wang Dan, the person in charge of accounting function and Zheng Chao, the manager of the accounting department (Chief Accountant), warrant the truthfulness, accuracy and completeness of the financial statements contained in this announcement. -
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%. -
Pwc China Automobile Industry M&A Review and Outlook
Epidemic Prevention and Response to COVID-19 in the Automobile Industry Series Issue 2 — PwC China Automobile industry M&A Review and Outlook The epidemic has prompted many practitioners and managers in the industry to re-examine and plan for the medium-and long-term development of auto industry, accelerating industry transformation and upgrade. PwC auto team emphasizes on the following aspect of tax & legal, M&A and telematics system to analyze the related solutions. In this article, we mainly focus on the M&A aspect, hoping to give some inspirational idea to the practitioners in the industry. China’s automobile industry has developed rapidly in the opportunities. Moreover, an increasing number of companies past decade. Benefiting from “bringing in” and “going out” with advanced technology and capital will continue entering policy, both domestic and foreign OEMs have successfully into the market which fuels more M&A activities in the realized high growth through a series of mergers and automobile industry. acquisitions (M&A). Since 2018, the development of China In this article, we will analyze the automobile industry from automobile market has been slowing down, and the “CASE” four aspects: review of China’s auto industry M&A deals, trend has been having impact on OEMs. As new businesses main deal drivers and changes of auto industry, the future models are emerging, it has also led to blurring of M&A trend, and key initiatives in response to market boundaries between industries. Auto companies have been changes. actively using M&A deals to transform the automobile industry. At the beginning of 2020, the coronavirus outbreak severely impacted the supply chain of automobile industry, thus resulted in demands for business restructuring and transformation. -
Guangzhou Automobile Group
China / Hong Kong Company Guide Guangzhou Automobile Group Version 6 | Bloomberg: 2238 HK Equity | 601238 CH Equity | Reuters: 2238.HK | 601238.SS Refer to important disclosures at the end of this report DBS Group Research . Equity 7 May 2019 Japanese JCEs leading growth H: BUY Last Traded Price (H) ( 7 May 2019):HK$8.14(HSI : 29,363) More clarity on JVs future strategy. Guangzhou Auto (GAC) and its Price Target 12-mth (H):HK$9.60 (17.9% upside) (Prev HK$17.86) Japanese JCE partners have agreed on key priorities to grow the business. The medium-term plans include capacity expansion and new A: HOLD model development (both traditional and new energy vehicles). Last Traded Price (A) ( 7 May 2019):RMB11.61(CSI300 Index : 3,721) Price Target 12-mth (A):RMB11.30 (2.7% downside) (Prev RMB21.71) Another key factor is that both partners have agreed to maintain the current shareholding structure, hence removing uncertainties. The Analyst Rachel MIU+852 36684191 [email protected] Japanese auto brands have gained market share from 15.6% in December 2016 to 19% in February 2019 aided by their product What’s New range, pricing, and proactive business strategy. Despite the tough • More clarity on development of Japanese JCEs, key 1Q19 auto market, GAC’s Japanese JCEs managed to chalk up strong earnings driver in the future volume sales growth and decent profit contributions to the group. • Self-brand going through short-term adjustment and Where we differ? We expect normalisation of Trumpchi sales to have should start to normalise in 2H19 a meaningful impact on earnings, on anticipation of a recovery in • Maintain BUY, TP revised down slightly to HK$9.60 the PV market in 2H19. -
200218 EV Volumes Monthly Xev Sales Tracker
Global xEV This is a sample version of our ~ 90 page Global xEV Sales Tracker. Sales Tracker The price is 7 500€ / year and includes 12 updates. December and Full Year 2019 Data Center subscribers have 20 % lower price Contact [email protected] for info EVVOLUMES.COM Table of Contents Executive Summary 3 World 6 China 29 USA 36 Europe 43 Norway 51 UK 58 France 65 Germany 72 Japan 79 About EV-volumes 86 xEV Sales Tracker December & FY 2019 2 19-02-2020 EVVOLUMES.COM 2.2 million EVs were sold in 2019, growing by only 11% compared to last year and still representing less than 3% of PV sales. USA were down, China stable and Europe significantly up. Countries • China – 1.2 million EVs (5.2% penetration) - up 6% - 80% BEV – BJEV EU-Series = most solD EV • Europe – 565k EVs (3.1% penetration) - up 45% - 64% BEV – Tesla MoDel 3 = most solD EV • U.S.A. – 320k EVs (1.9% penetration) - down 12% - 73% BEV – Tesla MoDel 3 = most solD EV • Germany – 106k EVs (2.9% penetration) - up 60% - 64% BEV – Renault Zoé= most solD EV • Norway – 79k EVs (56% penetration) - up 9% - 76% BEV – Tesla MoDel 3 = most solD EV • UK – 75k EVs (3.2% penetration) – up 24% - 51% BEV – Tesla MoDel 3 = most solD EV • France – 62k EVs (2.8% penetration) - up 35% - 70% BEV – Renault Zoé = most solD EV • Japan – 44k EVs (1% penetration) - down 18% - 53% BEV – Nissan Leaf = most solD EV OEMs • Tesla won the OEM crown once again in front of BYD anD BAIC with more than 360k EVs solD • VW Group is finally serious about EVs and will overtake BMW Group in 2020 to become the 1st European OEM Models • Tesla MoDel 3 won the EV crown once again with more than 300k units solD • More than 50k Tesla MoDel 3 were solD in December while there wasn’t any European EV in Top 10 xEV Sales Tracker December & FY 2019 3 19-02-2020 EVVOLUMES.COM China represented 58% of global BEV market in December while Europe kept its lead on PHEVs with 46% market share and South Korea on FCEVs with 55% market share (300 units). -
Chinese Carmakers Slash Sales Targets
16 | MOTORING Monday, March 23, 2020 HONG KONG EDITION | CHINA DAILY Nio bullish about its Short Torque BYD transforms lines business performance to support masks Many companies in China have transformed their businesses to despite coronavirus cater to the rising demand for masks amid the coronavirus epi- demic, and leading new energy By LI FUSHENG vehicle manufacturer BYD has [email protected] joined them. On Feb 17, BYD pro- duced its first batch of masks. Chinese electric car startup We are pleased to Each of its production lines can Nio is confident about its see encouraging make 50,000 masks a day, and in prospects this year despite the total five million masks and coronavirus outbreak, expecting results to date, and 300,000 bottles of disinfectant its gross profit margin to become expect around 35 can be made on a daily basis, positive in the second quarter. making the company one of the “Based on the current trend, percent expense biggest mask manufacturers in we would hope the daily new reduction compared the world. The company plans to order rate to return to the level of expand its production lines to a last December in April,” said to the prior quarter daily capacity of up to 10 million William Li, founder and chair- even under the masks. The masks will also be man of Nio, on an earnings call pressure of the provided to other countries hit last week. hard by the virus, after meeting He expected production, outbreak.” GAC showcases its Aion LX model in Shenzhen, Guangdong province last July. -
Electric Vehicles in China: BYD Strategies and Government Subsidies
Available online at www.sciencedirect.com RAI Revista de Administração e Inovação 13 (2016) 3–11 http://www.revistas.usp.br/rai Electric vehicles in China: BYD strategies and government subsidies a,∗ b c d Gilmar Masiero , Mario Henrique Ogasavara , Ailton Conde Jussani , Marcelo Luiz Risso a Universidade de São Paulo (USP), São Paulo, SP, Brazil b Programa de Mestrado e Doutorado em Gestão Internacional, Escola Superior de Propaganda e Marketing, São Paulo, SP, Brazil c Funda¸cão Instituto de Administra¸cão (FIA), São Paulo, SP, Brazil d Faculdade de Economia, Administra¸cão e Contabilidade, Universidade de São Paulo, São Paulo, SP, Brazil Received 20 October 2015; accepted 25 January 2016 Available online 13 May 2016 Abstract Central and local governments in China are investing heavily in the development of Electric Vehicles. Businesses and governments all over the world are searching for technological innovations that reduce costs and increase usage of “environmentally friendly” vehicles. China became the largest car producer in 2009 and it is strongly investing in the manufacturing of electric vehicles. This paper examines the incentives provided by Chinese governments (national and local) and the strategies pursued by BYD, the largest Chinese EVs manufacturer. Specifically, our paper helps to show how government support in the form of subsidies combined with effective strategies implemented by BYD helps to explain why this emerging industry has expanded successfully in China. Our study is based on primary data, including interviews with company headquarters and Brazilian subsidiary managers, and secondary data. © 2016 Departamento de Administrac¸ão, Faculdade de Economia, Administrac¸ão e Contabilidade da Universidade de São Paulo - FEA/USP. -
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. -
Understanding Auto Fincos
Global Research 18 March 2019 Fundamental Analytics Equities Behind the numbers: Autos Global Valuation, Modelling & Accounting Geoff Robinson, CA FCA Analyst [email protected] +44-20-7567 1706 Julian Radlinger, CFA Analyst [email protected] +44-20-7568 1171 Renier Swanepoel Analyst [email protected] +44-20-7568 9025 Patrick Hummel, CFA Analyst [email protected] +41-44-239 79 23 Guy Weyns, PhD Analyst We launch the second of our series of collaborative sector analyses … [email protected] The Fundamental Analytics team has teamed up with the UBS Global Auto Sector team +65-6495 3507 (17 analysts across six regions) to deliver the second in its series of collaborative reports Paul Gong (see the first one on pharmaceuticals here). This report focuses on all things Autos. It is Analyst written to (1) provide investors new to Autos with an exhaustive overview of everything [email protected] that's relevant to understand the sector from an industry and company perspective, (2) +852-2971 7868 help new and seasoned investors alike frame their financial statement and earnings Colin Langan, CFA quality analysis, and (3) provide a guide to the most commonly used accounting Analyst practices and pitfalls specific to the sector, how to spot them, interpret and adjust for [email protected] +1-212-713 9949 them. This report is the go-to Global Auto sector hand-book for equity investors. Kohei Takahashi … including a detailed global sector run-through … Analyst Our report starts with a ~50-page sector primer written on the basis of the combined [email protected] expertise and wealth of resources of the UBS Global Auto Sector team.