AutoBeta(AutoBeta.net)09/09 Report--

On September 6th, Changan Automobile released its production and marketing KuaiBao in August. Data show that Changan car sales in August were 187100, down 10.63 per cent from a year earlier. Among them, the sales of independent brand new energy is 48800 vehicles. Cumulative sales from January to August in 2024 were 1.6918 million vehicles, an increase of 3.61% over the same period last year. Among them, the sales of independent brands and independent passenger cars were 1.4119 million and 1.0316 million respectively.

Subdivided into major brands, Changan Automobile's joint venture brands declined in August, but the decline of the joint venture brand has little impact on Changan Automobile, accounting for 12.90% of Changan Automobile's total sales. Among them, Changan Ford sold 19800 vehicles, down 10.08% from the same period last year; Changan Mazda sold 4331 vehicles, down 45.41% from the same period last year. However, the cumulative sales of the two joint venture brands increased slightly year-on-year. Of this total, Changan Ford increased 5.04 per cent year-on-year to 148200 vehicles, while Changan Mazda increased 0.97 per cent to 45500 vehicles.

Compared with the joint venture brand, the independent brand has become the responsibility of Changan automobile sales. Up to now, the new energy brands operated by Changan Automobile have formed the layout of three major electric brands: deep Blue Automobile, Avita and Changan Qiyuan, among which Deep Blue Automobile focuses on add-on models, Avita focuses on high-end pure electricity market, and Qiyuan brand focuses on digital intelligence.

According to the data, deep blue car sales in August were 20100, up 36.61% from the same period last year; the cumulative sales for the year were 120700, up 73.60% from the same period last year. As for Avita, although its market performance was not as good as that of Deep Blue, it rose 87.95 in August from a year earlier, delivering 3712 vehicles, with a cumulative sales of 36400 vehicles for the year, while Changan Qiyuan sold 12800 vehicles, with a cumulative sales volume of 98200 vehicles for the year.

Like most traditional car companies, fuel vehicles are still the base for Changan to maintain sales, with independent brand new energy sales of 48800 vehicles in August, accounting for a small share. It is undeniable that although new energy vehicles have become the future development trend, new energy vehicles can not completely replace traditional fuel vehicles in a short period of time, and the traditional fuel vehicle market is still the competitive advantage of Changan Automobile in the automobile market. However, from a long-term point of view, the main focus of Changan Automobile in the future is still on the independent passenger car sector. at the same time, it must rely on its own brands and new energy vehicles to achieve rapid growth. In other words, new energy vehicles will continue to be the main driver of Changan automobile growth. Since 2023, Changan Automobile has accelerated the pace of new energy transformation through a series of measures. According to the plan, Changan Automobile will stop selling fuel vehicles next year, which means that Changan Automobile electrification transformation time is running out. Combined with August sales, Changan Automobile's new energy sales mainly rely on Deep Blue Automobile and Qiyuan Automobile, while the delivery volume of Avita Automobile is still lower than market expectations.

It is understood that the goal of Changan Automobile in 2024 is to strive to achieve production and sales of more than 2.65 million vehicles, an increase of only 100000 vehicles over 2023. By comparison, Changan car sales in 2023 were 2.553 million, up 8.8 per cent from a year earlier. In addition, the sales target of Changan New Energy this year is 750000 vehicles. Among them, the annual targets of Changan Qiyuan, Deep Blue Automobile and Avita are 250000, 280000 and 90,000 respectively. According to the analysis of cumulative sales in the first eight months of this year, it is obviously difficult for the three major brands to achieve their annual targets in the remaining four months.

On September 4, Changan Automobile released its first-half financial report that the operating income of Changan Automobile in the first half was 6.723 billion yuan, an increase of 17.15% over the same period last year. The net profit belonging to shareholders of listed companies was 2.832 billion yuan, down 63.00% from the same period last year. Net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 1.169 billion yuan, down 5.89% from the same period last year. During the reporting period, the total non-recurrent profit and loss of Changan Automobile was 1.663 billion yuan, of which the government subsidy included in the current profit and loss was 1.471 billion yuan. Of this total, the revenue of Deep Blue Automobile in the first half of the year was 13.981 billion yuan, with a net loss of 739 million yuan, reducing the loss by 320 million yuan compared with the same period; Avita's revenue was 6.152 billion yuan and the net loss was 1.395 billion yuan, reducing the loss by 360 million yuan compared with the same period. In other words, although the sales revenue of Deep Blue Automobile and Avita have increased significantly and their losses have narrowed, they are still in a state of loss.

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