AutoBeta(AutoBeta.net)11/09 Report--

On November 7th, Guangzhou Automobile Group Co., Ltd. (hereinafter referred to as "GAC GROUP") announced the production and marketing of KuaiBao in October. According to the data, GAC GROUP's sales in October 2024 were 185800, down 17.23 per cent from a year earlier, while cumulative sales in the first 10 months were 1.5208 million, down 24.66 per cent from a year earlier.

Subdivided into GAC GROUP's brands, all GAC GROUP's brands declined in October. Among the joint venture brands, GAC Honda sold 42400 vehicles, down 33.29% from the same period last year, and its cumulative sales for the year were 351500, down 29.60% from the same period last year. GAC Toyota's performance was not optimistic, with sales of 70000 vehicles in October, down 13.37% from the same period last year, and 766600 vehicles during the year, down 23.31% from the same period last year.

Retail data show that Guangzhou Auto Honda Accord and Haoying sold more than 10,000 vehicles in October, 13500 and 13000 respectively, while the style and Odyssey sold 6366 and 2767 respectively, while GAC Toyota sold three models in the category of 10,000. They are Fenglanda, Camry and Wellanda, of which Fenglanda sold 20500 vehicles, while the latter two sold 18600 and 14600 respectively.

At present, whether it is Guangzhou Auto Honda, Guangzhou Automobile Toyota or other joint venture Japanese brands, the main source of sales is still driven by fuel vehicles, but with the rapid increase in domestic new energy vehicle penetration, while the scale of the traditional fuel vehicle market is gradually shrinking, this is also one of the main reasons for the decline in sales of Japanese joint venture brands. The latest October data released by the Federation show that retail sales of self-owned brands in October were 1.48 million, up 32% from a year earlier, and the retail penetration rate of new energy vehicles reached 52.9%, while retail sales of mainstream joint venture brands was 570000, down 17% from the same period last year. The retail share of Japanese brands was 12.9%, down 4.8% from the same period last year.

As for independent brands, as GAC GROUP's new energy brand, GAC Ean New Energy sold 38200 vehicles in October, down 8.07% from the same month last year, which is the ninth consecutive month of decline in sales. The cumulative sales volume during the year was 264900 vehicles, and the decline was particularly significant, falling 32.51% year-on-year.

In addition to the above brands, GAC MOTOR sold 35100 vehicles in October, down 7.52 per cent from a year earlier, and cumulative sales for the year were 312200, down 6.54 per cent from a year earlier. GAC Hino and Hechuang, which were classified as "other" by GAC GROUP, sold only 110vehicles, down 82.37% from the same period last year. The cumulative sales for the year were 4388, down 83.32% from the same period last year.

In terms of sales data, the joint ventures of Guangzhou Auto Toyota and Guangzhou Auto Honda accounted for 61.77% of GAC GROUP's total sales in the first 10 months of this year, while GAC Ean and GAC MOTOR accounted for only 37.94% of total sales. In other words, at present, GAC GROUP's main source of sales still depends on joint venture brands, and the share of the two joint ventures in the group has shrunk. However, GAC GROUP's situation is not alone in the car market, including Changan Ford and Changan Mazda, which belong to Changan Automobile Group, SAIC Volkswagen and SAIC General Motors, and Dongfeng Nissan, Dongfeng Honda and Shenlong Automobile, which belong to Dongfeng Automobile Group. Today, the market position of the joint venture brand has been gradually replaced by independent brands, especially in the fuel vehicle market has been gradually eroded by the new energy vehicle market. For GAC GROUP, Toyota Honda sales of the joint venture segment of GAC GROUP have all declined. The performance of the new energy vehicle sector is hardly ideal, especially GAC Eian, its sales have declined sharply since 2024, based on this background. GAC GROUP needs to make substantial changes to cope with the pressure on sales.

Like many traditional car companies, the decline in sales has also directly affected GAC GROUP's operating income. According to the latest financial report, GAC GROUP achieved operating income of 28.233 billion yuan in the third quarter of this year, down 21.73% from the same period last year, while net profit lost 1.396 billion yuan, down 190.40% from the same period last year. In contrast, the decline in deducting non-net profit was more obvious, deducting a non-net loss of 1.532 billion yuan, down 216.01% from the same period last year.

GAC GROUP also made a lot of innovations during the year. At the end of July this year, GAC MOTOR officially changed its name to GAC MOTOR. At that time, people in the industry said that changing the name of GAC MOTOR to GAC MOTOR would further highlight the important position of the independent brand in GAC GROUP, so as to enhance the corporate image and popularity of the brand. In addition, GAC GROUP announced that in order to realize the transformation of the management mode of independent brands from strategic control to operation control and improve management efficiency, GAC GROUP has moved to a new office address since November 2. before the change, it was located at 23 Xingguo Road, Zhujiang Xincheng, Tianhe District, Guangzhou City, Guangdong Province, and it was changed to 668 Jinshan Road East, Panyu District, Guangzhou City, Guangdong Province. GAC GROUP said that this move is mainly in response to profound changes in the market pattern of the automobile industry, promote independent brands to become bigger and stronger, speed up the completion of GAC GROUP's transformation and adjustment, and achieve sustained, healthy and high-quality development. People in the industry believe that the relocation of the headquarters is conducive to the development of the group, better manage Chuanqi and Ian, and strengthen the management of "two fields" at the same time.

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