AutoBeta(AutoBeta.net)10/13 Report--

On October 10, Dongfeng Automobile Group Co., Ltd. (hereinafter referred to as "Dongfeng Group") released sales figures for September and the previous September of this year. Data show that Dongfeng Group sold 168000 vehicles in September, down 16.4% from a year earlier. From January to September, Dongfeng Group sold 1.3662 million vehicles, down 8.4% from a year earlier. It is worth mentioning that prior to this, Dongfeng Group sales have declined for five consecutive years. According to statistics, from 2018 to 2023, Dongfeng Group sales were 3.0522 million, 2.932 million, 2.8683 million, 2.7751 million, 2,464,500 and 2,088,200 respectively.

At present, Dongfeng Group owns joint ventures such as Dongfeng Nissan, Dongfeng Honda and DPCA. According to the specific joint venture brands, the sales of Dongfeng Nissan (including Dongfeng Infiniti and Qichen) were 58400 in September, down 3.3% from the same period last year. The cumulative sales in the first September of this year were 461900, down 8.9% from the same period last year. Dongfeng Honda, another Japanese joint venture, sold 31300 vehicles in September, down 56.3 per cent from a year earlier, while cumulative sales in the previous September were 412400, down 25.5 per cent from a year earlier. In short, sales of Dongfeng Nissan and Dongfeng Honda fell in both September and the previous September.

In addition to the above two major brands, the decline of DPCA is also obvious. DPCA sold 5223 cars in September, down 19.9 per cent from a year earlier, while cumulative sales in the previous September were 53200, down 16.6 per cent from a year earlier. For DPCA, its electrification transformation speed has obviously lagged behind the industry, which is also one of the reasons for the decline in its sales. According to the plan, the annual sales target of DPCA is 100000 vehicles, according to this calculation, the sales target in the first nine months will be 53%, and it will still be difficult for DPCA to complete the remaining 47% in the next three months.

Compared with the joint venture brand, Dongfeng Group has a lot of attention in terms of independent brands, and most of the independent brands have achieved growth. At present, Dongfeng Group has laid out Dongfeng Lantu, Dongfeng Fengshen, Dongfeng New Energy, Dongfeng Fashion and other brands in the field of independent brands.

The data show that in September, Dongfeng Liuqi sales fell 27.3% to 8359 vehicles compared with the same period last year, and the cumulative sales for the year fell 0.9% to 87700 vehicles. Independent plate Dongfeng passenger car sales rose 120.2% to 25500 vehicles in September compared with the same period last year. Cumulative sales for the year increased by 73.6% to 144600 vehicles. Dongfeng Lantu sales rose 99.6 per cent year-on-year to 10000 vehicles in September, and cumulative sales rose 88.5 per cent to 51300 vehicles year-on-year.

Generally speaking, the joint venture brand is still the main source of sales of Dongfeng Group. According to statistics, Dongfeng Nissan and Dongfeng Honda accounted for 56.3% of the group's total sales (1.3662 million vehicles) in the first nine months of this year, while Dongfeng Liuqi, Dongfeng passenger cars and Dongfeng Lantu only 20.7%. As the main sales force, Dongfeng Group's joint venture sales peaked at 4.27 million vehicles, but under the general trend of the rise of independent brands and the transformation of new energy, the sales of joint venture brands began to decline, which is one of the reasons for the decline in Dongfeng Group's sales.

Under the influence of the transformation of new energy and the intensification of market competition, Dongfeng Group still has to rely on its own brands and new energy vehicles to achieve rapid growth. Last year, Dongfeng Motor has integrated the three independent passenger car brands, namely, Dongfeng Fengshen, Dongfeng Yi School, and Dongfeng Nano, directly operated by the group headquarters and compressed the management level. at present, Dongfeng is still accelerating the pace of transformation. as to whether Dongfeng Group can seize the tuyere of transformation, we will wait and see.

According to the plan, Dongfeng Group's sales target is 2.7 million vehicles in 2024, an increase of 29% compared with the 2023 sales target. Sales of 1.3662 million vehicles have been completed from January to September this year, and it is imaginable that it will be difficult to achieve 2.7 million vehicles this year.

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