AutoBeta(AutoBeta.net)03/23 Report--

On March 22, GAC Mitsubishi official responded to the news that "Mitsubishi will withdraw from the Chinese market" and other news: GAC Mitsubishi operates normally, Mitsubishi has not withdrawn, and the factory is also operating normally. Earlier, it was reported that the joint venture brand GAC Mitsubishi will sell Changsha factory to produce GAC Ai 'an electric vehicles, Mitsubishi brand may withdraw from the Chinese market. GAC Mitsubishi said: This is false news, the enterprise operation is normal.

On March 20, the automobile media person "Wu Pei" released a message on the social platform saying that a Japanese joint venture brand is about to withdraw from the Chinese market, and the production line capacity will be transferred to the same group's independent brand OEM. The above are roadside news, and the final announcement shall prevail.

In the domestic market, Japanese joint venture brands mainly include GAC Toyota, GAC Honda, Dongfeng Honda, FAW Toyota, Dongfeng Nissan, Dongfeng Infiniti, Chang 'an Mazda, GAC Mitsubishi, etc. Among them, Toyota, Honda, Nissan related joint venture companies in the domestic market volume is not small, and will not withdraw from the Chinese market, and Chang' an Mazda will be listed in the year CX-50, CX-90 and other models, recently is for new vehicles listed preheating, exit from the Chinese market is unlikely. Therefore, GAC Mitsubishi has become the Japanese joint venture brand "most likely" to withdraw from China.

Of course, rumors belong to rumors, GAC Mitsubishi denied the rumors of "withdrawing from the Chinese market," which is also regarded as an official reassurance to the market, but it is undeniable that GAC Mitsubishi's performance in the Chinese market is really not optimistic.

On March 10, Guangzhou Automobile Group Co., Ltd.(hereinafter referred to as "GAC Group") released February Production and Sales Express. According to the data, the sales volume of GAC Group increased by 12.38% year-on-year to 161,200 vehicles in February, among which GAC Mitsubishi fell 90.91% year-on-year to 330 vehicles, becoming the brand with the largest decline under the Group.

It is learned from the official website of GAC Mitsubishi that there are 4 models on sale under the brand at present, including pure electric SUV Atuke, New Outlander, New Jinxuan and Yige fuel vehicles, with the main sales volume coming from New Outlander. It is understood that the new generation of Outlander was launched on November 19,2022, with a price range of 1698 - 229,800 yuan. The new car is built based on the CMF platform of Nissan Qijun, adopting 1.5T four-cylinder engine +48V light hybrid power and matching CVT gearbox.

GAC Mitsubishi itself is small in size, single in product, and limited in its own channel layout. In the face of the impact of the epidemic after the market, also did not seize the opportunity to rebound. At the same time, its product strength and brand strength are between the gap between the first-line joint venture brand and the head independent brand. In the current fierce competition market environment, the position is somewhat awkward.

Since 2019, GAC Mitsubishi has been falling for several years. According to the data, the sales volume from 2019 to 2021 was 133,016 vehicles, 75,001 vehicles and 66,006 vehicles respectively, with a year-on-year decline of 7.64%, 43.62% and 11.99% respectively, with a year-on-year decline for three consecutive years. After entering 2022, the situation of GAC Mitsubishi has become more dangerous, with annual sales of 33,600 vehicles, down 49.13% year-on-year.

"Auto Industry Concern" believes that although GAC Mitsubishi denies withdrawing from the Chinese market, but in terms of its performance in the current market, even if it does not withdraw, what should it do? According to the data released by GAC Group, as of June 30,2022, GAC Mitsubishi has total assets of 8.132 billion yuan, total liabilities of 6.574 billion yuan and asset-liability ratio of 81%, which is about to face the risk of insolvency.

In May 2018, the social platform had exposed the news that "a joint venture brand will officially announce its withdrawal from the Chinese market recently, and its offline channel will be directly upgraded to the high-end brand dealer network of the independent brand". Relevant media speculated that the brand may be Changan Suzuki, which has recently lost sales. Later, Chang 'an Suzuki issued a statement in response, Chang' an Suzuki will continue to provide products and services for consumers. Four months later, Suzuki transferred 50% equity of Chang 'an Suzuki to Chang' an Automobile at a symbolic price of 1 yuan. Chang 'an Suzuki changed from a joint venture company to a wholly-owned subsidiary of Chang' an Automobile and announced Suzuki's official withdrawal from China.

In 2020, it was once reported that FAW Mazda would be merged into Chang 'an Mazda, but FAW Mazda also issued several articles denying relevant reports at that time. In August 2021, FAW Mazda officially released the last push, officially announcing its withdrawal from the historical stage of Chinese automobiles!

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