LATEST COMPANY NEWS
Bloomberg.com - Stellantis, VW Drop After Losing US Electric-Car Subsidy - 3/1/2025Stellantis NV and Volkswagen AG shares declined as some of their plug-in cars lost access to US tax credits under tougher rules that took effect this week. For the complete story, see: https://www.bloomberg.com/news/articles/2025-01-03/stellantis-volkswagen-drop-after-losing-us-electric-car-subsidy Automotive News - Sales at SAIC-GM skid 23% in 2024 despite strong demand for electrified models - 3/1/2025 SAIC-GM, General Motors' passenger-vehicle joint venture with SAIC Motor Corp., delivered 673,007 Cadillac, Chevrolet and Buick cars and light trucks in China last year, a 23 percent decline from 2023. For the complete story, see: https://www.autonews.com/general-motors/an-gm-2024-china-sales-slump/ DIGITIMES Asia - China's automotive IC self-sufficiency bid faces high barrier from European IDMs - 3/1/2025 Chinese chip vendors' efforts to achieve self-sufficiency in automotive ICs have shown progress, but their advancement is hindered by a high barrier formed by European IDMs, according to industry sources. For the complete story, see: https://www.digitimes.com/news/a20250102PD233/automotive-self-sufficiency-ic-market-competition.html Other Stories The Straits Times - BYD chalks up new record EV sales as it narrows gap with Tesla - 2/1/2025 Car Design News - FAW's chief interior designer talks DNA and Chinese tradition - 2/1/2025 Reuters - Tesla to fix software for 77,650 China-made vehicles, says market regulator - 1/1/2025 South China Morning Post - China struggles to build car chip supply chain to break free of imports - 1/1/2025 Bloomberg - Chery Adds JPMorgan for $1 Billion Hong Kong Listing - 31/12/2024 Media Releases Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) formerly (PSA Peugeot-Citroen China (Paris: UG) - Stellantis Successfully Completes Comau Transaction - 30/12/2024 Latest Research Decarbonization pathways analysis and recommendations in the green steel supply chain of a typical steel end user-automotive industry By Jialin Shen, Qi Zhang and Shuoshuo Tian Leading Company Overviews Brilliance Auto Group (OTCMKTS: BCAUY) Changan Ford Automobile Co Ltd China Automotive Technology and Research Centre Chery (CACTZ) FAW
(000800: Shenzhen) General Motors China (NYSE: GM) Jangling Motors Co, Ltd. (SHE: 000550) Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) formerly (PSA Peugeot-Citroen China (Paris: UG) Volkswagen (Anhui) Automotive Company Limited formerly (JAC Motors (SSE: 600418) Senior Associate: Theadore Leighton Manjah News and Commentary Bloomberg.com - Stellantis, VW Drop After Losing US Electric-Car Subsidy - 3/1/2025 Stellantis NV and Volkswagen AG shares declined as some of their plug-in cars lost access to US tax credits under tougher rules that took effect this week. For the complete story, see: https://www.bloomberg.com/news/articles/2025-01-03/stellantis-volkswagen-drop-after-losing-us-electric-car-subsidy Automotive News - Sales at SAIC-GM skid 23% in 2024 despite strong demand for electrified models - 3/1/2025 SAIC-GM, General Motors' passenger-vehicle joint venture with SAIC Motor Corp., delivered 673,007 Cadillac, Chevrolet and Buick cars and light trucks in China last year, a 23 percent decline from 2023. For the complete story, see: https://www.autonews.com/general-motors/an-gm-2024-china-sales-slump/ DIGITIMES Asia - China's automotive IC self-sufficiency bid faces high barrier from European IDMs - 3/1/2025 Chinese chip vendors' efforts to achieve self-sufficiency in automotive ICs have shown progress, but their advancement is hindered by a high barrier formed by European IDMs, according to industry sources. For the complete story, see: https://www.digitimes.com/news/a20250102PD233/automotive-self-sufficiency-ic-market-competition.html The Straits Times - BYD chalks up new record EV sales as it narrows gap with Tesla - 2/1/2025 China's BYD enjoyed a year-end surge to push total sales to 4.25 million passenger cars last year, narrowing its gap with Tesla as the two vie for the crown of top-selling electric vehicle (EV) maker of 2024. For the complete story, see: https://www.straitstimes.com/business/companies-markets/byd-chalks-up-new-record-ev-sales-as-it-narrows-gap-with-tesla Car Design News - FAW's chief interior designer talks DNA and Chinese tradition - 2/1/2025 With 20 years of experience in the interior design team at Mercedes-Benz, Jan Kaul worked on numerous iconic production models that became extremely important for the German marque, from the A-Class to the S-Class, the EQC to the AMG GT. For the complete story, see: https://www.cardesignnews.com/designers/faws-chief-interior-designer-talks-dna-and-chinese-tradition/46584.article Reuters - Tesla to fix software for 77,650 China-made vehicles, says market regulator - 1/1/2025 Tesla will fix software in 77650 China-made Model 3 and Model Y cars over safety hazards, China's market regulator said on Tuesday. For the complete story, see: https://www.reuters.com/business/autos-transportation/tesla-fix-software-77650-china-made-vehicles-says-market-regulator-2024-12-31/ South China Morning Post - China struggles to build car chip supply chain to break free of imports - 1/1/2025 China's surging electric vehicle (EV) output has ignited demand for automotive chips, but domestic firms remain reliant on foreign suppliers for more than 90 per cent of their needs, according to analysts and industry insiders. For the complete story, see: https://www.scmp.com/tech/tech-war/article/3292988/china-struggles-build-car-chip-supply-chain-break-free-heavy-reliance-imports Bloomberg - Chery Adds JPMorgan for $1 Billion Hong Kong Listing - 31/12/2024 Chery Holding Group Co. has added JPMorgan Chase & Co. to help arrange a potential listing of its automotive unit in Hong Kong next year, according to people familiar with the matter. For the complete story, see: https://www.bloomberg.com/news/articles/2024-12-31/chery-is-said-to-add-jpmorgan-for-1-billion-hong-kong-listing Media Releases Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) formerly (PSA Peugeot-Citroen China (Paris: UG) - Stellantis Successfully Completes Comau Transaction - 30/12/2024 One Equity Partners (OEP) becomes majority shareholder of Comau; Stellantis will remain an active minority shareholder Transaction supports Comau's long-term stability and positions it for future growth Stellantis N.V. today announced that One Equity Partners ("OEP"), a middle market private equity firm, has completed its majority investment in Comau S.p.A. ("Comau"), a global technology company specializing in industrial automation and advanced robotics. This strategic move marks a significant milestone for Comau, positioning the company for enhanced growth and innovation. It also provides Stellantis with the ability to focus on core business activities in Europe. "I want to express my gratitude to Comau's employees for providing innovative products and services to all its customers," said Stellantis Chairman John Elkann. "I am confident that Comau, under its new ownership, has the right leadership, strategy and operational discipline to create sustainable, long-term value for all its stakeholders, from Italy to the world." "Comau has consistently renewed its innovation and business strategies developing new technology solutions to respond to evolving market dynamics along its 50+ years of experience in international markets," remarked Comau CEO Pietro Gorlier. "The finalization of this transaction represents another fundamental milestone in Comau's growth path. The support of One Equity Partners will allow us to capitalize on the growing global demand for advanced automation, with Stellantis as an active minority shareholder. This arrangement preserves our deep-rooted Italian identity while reaffirming Comau's position as a leading international player in the industrial automation industry, as well as an increasing number of different sectors." "Comau is a leading industrial automation company with significant growth potential and first-rate robotics technology," said Ante Kusurin, Partner, One Equity Partners. "OEP is well-positioned to help drive Comau's next phase of growth as an independent company utilizing our industry expertise and established operational playbook for carve-out transactions." Comau has a local presence in all regions and a global network that is strengthened by its business and leadership continuity. As a standalone company, Comau will have access to additional funds to grow its competencies in diversified sectors. About Stellantis Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world's leading automakers aiming to provide clean, safe and affordable freedom of mobility to all. It's best known for its unique portfolio of iconic and innovative brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is executing its Dare Forward 2030, a bold strategic plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038, with single-digit percentage compensation of the remaining emissions, while creating added value for all stakeholders. For more information, visit
www.stellantis.com. https://www.stellantis.com/en/news/press-releases/2024/december/stellantis-successfully-completes-comau-transaction Latest Research Decarbonization pathways analysis and recommendations in the green steel supply chain of a typical steel end user-automotive industry Jialin Shen, Qi Zhang and Shuoshuo Tian Abstract China's automotive industry, the world's largest producer and consumer, has reached a crucial stage in its transition from rapid expansion to high-quality and low-carbon development. Considering the decarbonization of the whole automotive industry, in addition to reducing the CO2 emissions from fuel supply and exhaust pipes, which account for 65-80 % of the total value chain CO2 emissions, the automotive industry should also accelerate the decarbonization of raw materials, which contribute to 18-22 % of these CO2 emissions. Many automotive manufacturers are collaborating with steel producers on green steel initiatives due to the high CO2 emissions from steel production, the integrated nature of the steel supply chain, and the need for early planning in low-carbon steel production routes transformation. To clarify the carbon emission characteristic of the automotive steel supply chain, this research establishes a mathematical method for calculating cradle-to-gate carbon footprint of automotive steel product based on BF (Blast furnace)-BOF (Basic oxygen furnace), Scrap-EAF (Electric arc furnace), and DRI (Direct reduced iron)-EAF steel production routes. The cradle-to-gate carbon footprints of BF-BOF, Scrap-EAF, and DRI-EAF steel production routes are 1711.84 kgCO2/t-sp (steel product), 916.39 kgCO2/t-sp, and 2738.53 kgCO2/t-sp. A projection of CO2 emissions in automotive steel supply chain from 2020 to 2060 has been investigated, taking into account production structure adjustment, scrap recycling, and low-carbon electricity adoption, as well as the demand for automotive steel products. Projections from 2020 to 2060 indicate that the CO2 emission intensity of the automotive steel supply chain will decrease by 28.25 % by 2030 and 93.99 % by 2060, with total emissions dropping by 28.47 % and 96.92 %, respectively. This research identifies effective decarbonization measures in the automotive steel supply chain, including internal and end-of-life (EOL) steel scrap recycling, which offer significant CO2 emissions reduction without increased costs, demonstrating high cost-effectiveness. In a word, this research provides a technical framework and data foundation for decarbonizing the automotive steel supply chain. https://www.sciencedirect.com/science/article/abs/pii/S0306261924020944 The Industry China Automotive Industry Market Overview The China automotive industry Market is projected to grow from USD significant by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032). Major market drivers propelling the expansion of the automotive industry are rising infrastructure investment, urbanization, and the growing demand for high-end passenger cars. China Automotive Industry Market Trends Increasing demand for cars is driving the market growth In the Chinese market, demand for cars is rising due to increased per capita income. The most common form of transportation in developed nations is the passenger car. Advanced technologies, such as enhanced driver assistance systems (ADAS), have achieved tremendous industry adoption. The growing popularity of electric vehicles is driving up demand for cars. As per capita wealth rises, so does the number of passenger automobiles in developing nations. The population's strong preference for convenience is driving up demand for automobiles. The population drives since it is a convenient and comfortable mode of transportation. It is expected that these factors will support the expansion of the china automotive industry Market. Since an electric car runs on electricity, there is a growing demand for them. Rather than internal combustion engines, which need a steady stream of energy from batteries to run, these cars have electric motors. Different batteries are used by these cars. Among these are a number of nickel-based designs as well as lithium-ion, zinc-air, and molten salt designs. Electric vehicles were mostly developed to offset the environmental damage caused by conventional forms of transportation. It has become more well-known as a result of certain technological advances. In terms of fuel efficiency, low maintenance costs, convenience of home charging, smoother driving, and lower engine noise, it performs better than conventional cars. The three types of electric vehicles include plug-in hybrids, hybrids, and batteries-powered vehicles. Electric vehicles also need less maintenance and are more efficient. Thus, driving the automotive industry revenue. China Automotive Industry Market Segment Insights China Automotive Industry Market Vehicle Type Insights The China Automotive Industry Market segmentation, based on vehicle type includes Passenger Cars, Commercial Vehicles, Three Wheelers, and Two Wheelers. The passenger cars segment dominated the market mostly. One factor that will drive up demand for passenger cars is the speed at which the world is globalizing. The demand for these passenger automobiles has not increased along with the rise in disposable income of different consumers worldwide. China Automotive Industry Market Fuel Type Insights The China Automotive Industry Market segmentation, based on fuel type, includes Diesel, Petrol, and Electric. The diesel category generated the most income. Under a particular classification called "China National Standard Diesel," or "CN Standard Diesel," diesel fuel is used in the Chinese automobile industry. Specific quality standards and emission requirements apply to this gasoline type, which is governed by Chinese regulations. Apart from some off-road and industrial usage, its main applications are in commercial vehicles like trucks and buses. China Automotive Industry Market Service Insights The Market segmentation, based on service, includes Mechanical, Exterior and Structural, and Electrical and Electronics. The mechanical category generated the most income. This includes fixing engines, maintaining gearboxes, inspecting brake systems, fixing suspension issues, and more. The increased number of automobiles on the road, including both conventional internal combustion engine vehicles and electric vehicles, has led to a growth in China's automotive industry. Automotive Industry Equipment Insights The Market segmentation, based on equipment, includes Tires, Seats, Batteries, and Other Equipment Types. The tires category generated the most income. One of the biggest automotive industries in the world is found in China, where there is a high need for tires and associated equipment because there are so many cars on the road. Government regulations, consumer preferences for tire quality and performance, and the manufacturing and sales of automobiles all have an impact on the tire equipment industry in China. Automotive Industry Regional Insights The Market area will grow at a significant rate. In terms of both sales and manufacturing, China has become the largest automobile market in the world. Numerous important variables are responsible for this increase. Millions of new customers are entering the car market as a result of the growing middle class and greater urbanization. The adoption of greener and more energy-efficient automobiles has also been aided by government initiatives like tax breaks and subsidies for electric vehicles. Additionally, local automakers such as BYD, Geely, and NIO have challenged established global heavyweights in the automotive industry with significant innovations. Significant investments in EV manufacture and charging infrastructure have been made by China's automotive sector, which has emerged as a hub for EVs. China Automotive Industry Market Key Market Players & Competitive Insights Leading market players are investing heavily in research and development in order to expand their product lines, which will help the automotive industry, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, automotive industry must offer cost-effective items. Key Companies in the China Automotive Industry Market include GM AM General Toyota Callaway Cars Equus Automotive Renault Hyundai Motor Group Ford FCA Honda Tesla Detroit Three Chrysler LLC Builk GMC Jeep Monro Inc. Firestone Complete Auto Care Jiffy Lube International, Inc. Midas International, LLC Meineke Car Care Centers, LLC. China Automotive Industry Market Segmentation China Automotive Industry Vehicle Type Outlook Passenger Cars Commercial Vehicles Three Wheelers Two Wheelers China Automotive Industry Fuel Type Outlook Diesel Petrol Electric China Automotive Industry Service Outlook Mechanical Exterior and Structural Electrical and Electronics China Automotive Industry Equipment Outlook Tires Seats Batteries Other Equipment Types Source: Market Research Future https://www.marketresearchfuture.com/reports/china-automotive-industry-market-12675?utm_term=&utm_campaign=&utm_source=adwords&utm_medium=ppc&hsa_acc=2893753364&hsa_cam=20543884685&hsa_grp=153457592316&hsa_ad=685356700793&hsa_src=g&hsa_tgt=dsa-22895707163 China's auto sales surge 47.9% YoY in January 2024 China's automotive industry kicked off the year 2024 with notable ups and downs in auto production, sales, and exports. Beijing (Gasgoo)- China's automotive industry kicked off the year 2024 with notable ups and downs in auto production, sales, and exports. According to recent data from the China Association of Automobile Manufacturers (CAAM), with 2.41 million vehicles produced and 2.439 million vehicles sold, the world's largest auto market faced a drop compared to the previous month but showed impressive year-on-year growth. Moreover, the spotlight was on new energy vehicles (NEVs), which continued to gain traction despite a slight setback in monthly figures in January. In the first month of 2024, China's automobile production and sales saw a month-on-month decrease of 21.7% and 22.7%, but a year-on-year spike of 51.2% and 47.9%, respectively, according to statistics from CAAM. Passenger vehicle production and sales in January totaled a respective 2.083 million and 2.115 million unit, showing a month-on-month decline of 23.2% and 24.2%, while recording a year-on-year surge of 49.1% and 44%. Domestic sales of passenger cars amounted to 1.746 million unit in the past month, down 26.3% from the previous month but up by 43.3% compared to the same period last year. Meanwhile, passenger car exports stood at 369,000 units, which fell 12.4% from the previous month, yet climbed up 47.5% from that of the previous year. Notably, around 1.145 million units of traditional oil-fueled passenger cars were sold in China last month, representing a month-on-month decline of 15.2%, but a year-on-year jump of 26.7%. In the high-end passenger car segment, domestically produced vehicles achieved sales of 366,000 units in January, tumbling 23.4% month over month, while rising 27.4% year over year. In January 2024, commercial vehicle production and sales reached 327,000 units and 324,000 units respectively, with month-on-month declines of 10.7% and 11.1%, as well as year-on-year surges of 66.2% and 79.6%. Of the commercial vehicles sold last month, 250,000 units were sold domestically, down 12.8% from the previous month but soared 92.2% year on year. At the same time, commercial vehicle export volume came in at 74,000 units, dipping 4.9% from the previous month and spiking 46.9% from the year-ago period. China's NEV production and sales in January reached 787,000 units and 729,000 units respectively, experiencing month-on-month falls of 32.9% and 38.8%, yet achieving significant year-on-year leap of 85.3% and 78.8%. Sales of NEVs accounted for 29.9% of the total figure in the past month. Of the NEVs sold in the first month of 2024, 629,000 units were consumed domestically, tumbling 41.8% month over month but shooting up 93.3% year on year. Meanwhile NEV exports stood at 101,000 units in January, edging down 9.8% from the previous month but jumping 21.7% from a year ago. Pure-electric vehicles accounted for 81.19% of the total NEVs shipped to overseas markets last month, which came in at 82,000 units, down 17.4% month-on-month yet up 5% year-on-year. Plug-in hybrid electric vehicle exports reached 18,000 units in the same period, reflecting a month-on-month surge of 52.2% and a year-on-year rise of 310%. In January, automakers in China saw a total of 443,000 vehicles set sail to overseas market, which dropped 11.2% month on month but increased 47.4% year on year. By vehicle type, passenger car exports reached 369,000 units in the month, dipping 12.4% from a month ago yet zooming up 47.5% year on year. On the other hand, commercial vehicle export volume amounted to 74,000 units in January 2024, showing a month-on-month decrease of 4.9% and a year-on-year leap of 46.9%. Among the top ten vehicle exporters in China, Chery's monthly export volume reached 90,000 units, shooting up 71.5% year on year, and accounting for 20.3% of the country's total export volume in January. Compared to the same period last year, NEV giant BYD exhibited the most significant growth in export volume, which stood at 37,000 units, and representing a 220% surger year-on-year. Source: Shanghai Metals Market https://news.metal.com/newscontent/102618081/china%E2%80%99s-auto-sales-surge-479-yoy-in-january-2024 China - Country Commercial Guide China continues to be the world's largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025. Based on data from the Ministry of Industry and Information Technology, over 26 million vehicles were sold in 2021, including 21.48 million passenger vehicles, an increase of 7.1% from 2020. Commercial vehicle sales reached 4.79 million units, down 6.6% from 2020. U.S.-made vehicles exported to China face the same 15% tariff China applied to most major trading partners. Vehicles (HS codes 8703 and 8704) were included in the U.S.-China Phase One Trade Agreement, offering tariff exceptions and opening potential opportunities for U.S. exporters. In the wake of the COVID-19 pandemic, the Chinese government has taken steps to buttress automobile consumption. These steps include allowing vehicles that meet China 5 Emission Standard to sell without restrictions, supporting electric vehicle consumption, reduction of car sales tax, and improving parallel import policies for autos. These changes are estimated to increase consumption by approximately $30 billion per year. From 2018 to 2021, China's imports of motor vehicles decreased from 1,130,000 to 940,000 units, while those from the United States decreased from 170,858 to 155,337 units. Source: Ministry of Industry and Information Technology https://www.trade.gov/country-commercial-guides/china-automotive-industry Automotive manufacturing industry in China - statistics & facts China remains the world's largest automotive manufacturing country and automotive market since 2009. Annual vehicle production in China accounted for more than 32 percent of worldwide vehicle production, which exceeds that of the European Union or that of the United States and Japan combined. In the first decades of the PRC, China's automobile production set off with an emphasis on commercial vehicles for industry and military purposes. The automobile industry in China did not gain momentum until the beginning of the 1990s. The rapid growth of the domestic market has also further accelerated the automobile industry in China. Newly registered passenger vehicles amounted to about 19.7 million units in 2021, which was the third consecutive year of decline since the peak in 2017. In line with this development is vehicle sales, where the increasing trend has unfortunately begun to reverse since 2018, with the COVID-19 pandemic accelerating its decline. Only in 2021 did the growth rate start to pick up slightly to 3.8 percent. Domestic brands increased market share China's automobile market has attracted many well-established foreign brands to invest in automobile production in China. However, most foreign brands were only allowed to produce their vehicles in China by establishing joint ventures with domestic automobile manufacturers, which the government has recently announced plans to loosen gradually. Due to technical development and lower production costs, several indigenous brands of China's leading automobile manufacturers have also gained more and more popularity in the automobile market. Most vehicles manufactured in China are sold within the country, while manufactured vehicles for exports only contributed approximately 7.7 percent to China's overall auto production volume in 2021. Promoting new energy vehicle productions In order to promote new energy vehicle (NEV) sales, China has introduced various measures, such as tax exemptions, subsidies for car purchases and a requirement for government departments to buy more new energy cars, as a way to save energy and reduce air pollution. NEV manufacturers also received financial support from the government to reduce their R&D and production costs. China's production of NEVs grew from about 17,500 units in 2013 to over 3.5 million units in 2021. The growth and emphasis on NEVs in China is not only a measure to reduce urban air pollution, but can also be seen as a way for Chinese automakers to become globally competitive against traditional manufacturers specializing in vehicles with internal combustion engines. Source: Statista https://www.statista.com/topics/1050/automobile-manufacturing-in-china/#topicOverview Leading Companies Brilliance Auto Group (OTCMKTS: BCAUY) Brilliance China is one of the leading automotive manufacturers in China through its subsidiaries, associated companies and joint ventures in the PRC. During 2009, the Group disposed of its loss-making Zhonghua sedan business. Starting from January 2010, the Group's operating segments are divided primarily into the manufacture and sale of minibuses and automotive components. Its commercial vehicle brands include "JinBei" and "Granse" minibuses as well as "Huasong" premium MPVs. In 2003, the Group established a joint venture with BMW, namely BMW Brilliance Automotive Ltd. ("BBA"), to produce BMW 3-series and 5-series sedans in China. BBA also commenced production and sale of BMW SUVs in the PRC in early 2012. In November 2013, BBA launched ZINORO 1E, its first new energy vehicle, in the PRC. At the end of year 2014, the BMW joint venture introduced the very first China-produced BMW new energy vehicle, the 5-series long-wheelbase plug-in hybrid model, in the PRC. The new generation X3 sport activity vehicle ("SAV"), which is the sixth BMW model that is locally produced by BBA, underwent market launch in June 2018. In addition to the X3, BBA also introduced in March 2018 the plugin hybrid version of the new 5-series. BBA will be introducing new models of both internal combustion engine ("ICE") and new energy vehicle ("NEV") BMW vehicles into the Chinese market over the next few years. The iX3, which is the electrified version of the X3 model, will commence production in China in 2020 for both local sales and exports to the rest of the world. In January 2018, Renault SAS formerly became a shareholder and a joint venture partner of Renault Brilliance Jinbei Automotive Co., Ltd. ("RBJAC", formerly known as Shenyang Brilliance JinBei Automobile Co., Ltd.), the Group's major operating subsidiary in the PRC. Currently, RBJAC is owned as to 51% by the Group and 49% by Renault, respectively. It is planned that RBJAC will engage in the manufacture and sale of LCV products under the JinBei, Renault and Huasong brands. RBJAC is pushing forward with the development of new products such as the Renault Master model and a new JinBei product. In April 2015, Brilliance-BEA Auto Finance Co., Ltd. ("BBAFC"), the Company's auto finance joint venture in China together with Bank of East Asia and CaixaBank, S.A., received final approval to commence business in the PRC. BBAFC is a multi-brand service provider. It initially focuses on supporting the Group's sales of its minibus and MPVs and our major shareholder Huachen's sedan products. In addition to supporting Huachen Group and RBJAC's sales of their sport utility vehicles ("SUV"), sedans, minibuses and multi-purpose vehicles ("MPV"), the company has continued to grow its businesses with Jaguar Land Rover ("JLR") and Tesla while holding advanced discussions with other OEMs. The goal is to further expand its serviced portfolio by adding both premium and multi-brand customers in order to increase its business scale and improve profitability. Currently, the Company indirectly holds 31.20% equity interest in Xinchen China Power Holdings Limited ("Power Xinchen"), a company listed on the main board of The Stock Exchange of Hong Kong Limited. Power Xinchen develops, manufactures and sells light-duty gasoline and diesel engines used by various domestic and international passenger vehicle and light commercial vehicle manufacturers. In 2019, BBA sold 545,919 BMW vehicles and the Group sold 40,197 minibuses and MPVs. In 2019, the Group achieved revenue (which represent primarily those derived from major operating subsidiaries RBJAC, Shenyang XingYuanDong Automobile Component Co., Ltd., and BBAFC) of approximately RMB3,861.9 million. The net profits contributed to the Group by the BMW joint venture amounted to RMB7,626.0 million. http://www.brillianceauto.com/company/overview.html CONTINUED SUSPENSION OF TRADING Trading in the shares of the Company on the Stock Exchange has been suspended with effect from 9:00 a.m. on 31st March, 2021, and will remain suspended until further notice pending, among other matters, the result of the Independent Investigation and the finalization of the 2020 Annual Results. https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0414/2021041400447.pdf 7 September 2022 2022 Interim Report The board of directors (the "Board") of Brilliance China Automotive Holdings Limited (the "Company") announces the unaudited consolidated interim financial results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30th June, 2022. The unaudited consolidated interim financial statements have been reviewed by the audit committee of the Board. For full release see: http://www.brillianceauto.com/investor/interim_reports/HK/IR_2022/e_2022IR_20220923_eng.pdf Changan Ford Automobile Co Ltd Changan Ford Automobile Co., Ltd. is an automotive manufacturing company headquartered in Chongqing, China and a 50:50 joint venture between Changan Automobile and Ford Motor Company. It Current total employment is approximately 4,990. Production History Current products: EcoSport, Focus, Mondeo Year opened: 2004 Site size in acres: 116 Plant size in square feet: 457,082 https://corporate.ford.com/company/plant-detail-pages/changan-ford-automobile.html 27 July 2023 Ford Pro, Ford Blue Drive Solid Second-Quarter Results; Company Raises Expectations for Full-Year 2023 Profitability Revenue increases 12% year-over-year to $45 billion; net income ($1.9 billion) and adjusted EBIT ($3.8 billion) also higher; cash and liquidity persistently strong Appeal of Ford Pro to commercial customers produces 22% revenue growth; EBIT more than doubles to $2.4 billion, a 15% margin; software, repair services sales up Ford Blue gas and hybrid business posts higher wholesales and revenue, reports $2.3 billion in EBIT; all-new global Ranger pickup even more popular, profitable Ford Model e revenue up 39%; scaling, competitive pricing further establishing leadership ahead of industry's next-generation EVs; now expecting to reach 600K run rate in 2024 Company raises full-year 2023 guidance for adjusted EBIT to between $11 billion and $12 billion, and for adjusted free cash flow to between $6.5 billion and $7 billion DEARBORN, Mich., July 27, 2023 - Ford showed focus, speed and accountability in producing solid second-quarter 2023 operating results, while taking strategic actions that are expected to help create a high-performing business and long-term value for all stakeholders. "The shift to powerful digital experiences and breakthrough EVs is underway and going to be volatile, so being able to guide customers through and adapt to the pace of adoption are big advantages for us," said Ford CEO Jim Farley. "Ford+ is making us more resilient, efficient and profitable, which you can see in Ford Pro's breakout second-quarter revenue improvement (22%) and EBIT margin (15%)." For full release see: https://s201.q4cdn.com/693218008/files/doc_financials/2023/q2/7-27-23-Ford-Pro-Ford-Blue-Drive-Solid-Second Quarter-Results-Company-Raises-Expectations-for-Full-Year-2023-Profitability.pdf Chery (CACTZ) Chery Automobile Co., Ltd. was founded in 1997. It is a globalized automobile brand located in China. Over the past 20 years, Chery has always insisted on independent innovation, established R&D centers in China, Germany, United States and Brazil. It also has established a global automotive R&D team of more than 5,500 people thus gradually establishing the holistic technology and product R&D system. In this way, Chery has successfully created product brands such as Arrizo, Tiggo with cumulative global sales of more than 10 million units. GLOBAL PARTNERSHIPS Chery has implemented a globalization strategy since its establishment and has become the first passenger car company in China to export complete vehicles, CKD parts, engines, manufacturing technology and equipment to the global market. In 2012, Chery and Jaguar Land Rover Motors jointly invested in the establishment of Chery Jaguar Land Rover Motors Co., Ltd., which is China's first Sino-British joint venture high-end automobile company. Chery is not only rich in traditional automotive core technologies, but also accelerating its embrace of the era of intelligent vehicles. Up to now, Chery is cooperating with leading companies on intelligent technologies, such as Horizon Robotics, Huawei, iFly Tek, Alibaba, etc. FORESIGHT TECHNOLOGY In the future, the automobile market will enter the era of Electrification, Connection, Intelligence and Sharing. Chery Lion System emerges as the times require. The latest Chery Lion 2.0 system has been applied on Tiggo 8 models, supporting the functions such as voice control, facial recognition, AR navigation, internet service and smart home. Chery has successfully developed the first and second generation of unmanned driving products and has planned to achieve L4 highly autonomous driving in 2025. Based on information technology, Chery will integrate smart transport, intelligent manufacturing, IOT and block chain, dedicated to providing an intelligent interconnected lifestyle for global consumers in the new era. https://www.cheryinternational.com/pc/aboutchery/introduction/index.shtml FAW (000800: Shenzhen) CHINA FAW GROUP CO., LTD. (short for FAW), formerly China First Automobile Works, can trace its roots back to Jul 15, 1953, when its first assembly plant started to be constructed. FAW is one of China's oldest and largest automotive manufacturers, with registered capital of RMB 35.4 billion yuan and total assets of RMB 457.83 billion yuan. FAW is headquartered in China's northern city of Changchun, Jilin province, and manufacturing plants are located in northeastern China's Jilin, Liaoning and Heilongjiang provinces, eastern China's Shandong province and Tianjin municipality, southern China's Guangxi Zhuang autonomous region and Hainan province, and southwestern China's Sichuan province and Yunnan province. The Group comprises Hongqi, Bestune and Jiefang brands, and its core business also covers joint ventures and external cooperation, emerging businesses, overseas businesses and industrial ecosystem. FAW headquarters is directly responsible for the operation and development of Hongqi premium brand, while carrying out strategical or financial management on other businesses, so as to establish a new market-centered and customer-oriented operation and management system. FAW has established a global R&D layout and organized a global R&D team with more than 5,000 top technologists. The R&D system is seen in nine regions of three countries in the world, focusing on innovations and breakthroughs in pioneering design, new energy vehicles, artificial intelligence, 5G application, new materials and process, and intelligent manufacturing. Hongqi and Jiefang have always maintained the top positions in brand values in China's passenger car and commercial truck markets respectively. Hongqi L series limousine has been chosen as official car for China's major celebrations and events, highlighting the charm of oriental luxury sedan. Hongqi H series car has seen rapid growth in its targeted market. The market share of Jiefang medium & heavy-duty trucks has also taken the lead position in Chinese commercial truck market. FAW's new energy vehicle has been put into mass production. Hongqi launched its first BEV model E-HS3 in 2019. In 2021, FAW delivered 3.5 million vehicles to customers. Group sales revenue in 2021 totaled RMB 705.7 billion yuan. In addition, the group took the 66th place on the 2021 Fortune Global 500 list. Thanks to tireless efforts over the past 67 years, FAW has established a market-oriented production layout, management system, operating mechanism and talents reverse. Over 90 percent of corporate assets were listed in China FAW Corporation Limited, which was officially established in June 2011. In January 2018, FAW released New Hongqi Brand Development Strategy in Beijing, and committed to build New Hongqi into a "New Noble Brand" of best in China and famous around the world. In December 2018, FAW unveiled its Strategic Vision Planning 2025. According to the plan, FAW will basically complete its major goal of building a world-class mobility service provider and doubling its sales and profits by 2025. http://www.faw.com/fawen/gyjt36/jtgl59/jtjj3/index.html General Motors China (NYSE: GM) GM and its joint ventures in China have more than 58,000 employees. GM, along with its joint ventures, offers the broadest lineup of vehicles and brands among automakers in China. Products are sold under the Buick, Cadillac, Chevrolet, Baojun and Wuling nameplates. At a Glance GM China Year Established: 1991 Language: Chinese, English https://search-careers.gm.com/locations/china/ GM Q2 Sales in China: Growing NEV Lineup and Deliveries 5 July 2024 SHANGHAI - General Motors and its joint ventures delivered nearly 373,000 vehicles in China in the second quarter of 2024. Sales of new energy vehicles (NEVs) increased 24.1% on an annual basis to over 143,000 units, including both pure battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), to meet increasingly diversified consumer needs. NEVs accounted for a record 38% of GM's total China deliveries in Q2, providing momentum to build upon further in 2024 with an intensive NEV launch cadence. Q2 Performance by Brand Buick deliveries exceeded 81,000 units. The GL8 family, with the nameplate's first plug-in hybrid variant joining in Q2, strengthened its strong position in the MPV segment with nearly 20,000 units sold. Sales of the VELITE 6 EV more than tripled to more than 17,000 units. Cadillac deliveries surpassed 29,000 units. The CT5 luxury sedan continued to be the brand's top performer, selling more than 16,000 units. The OPTIQ was launched as the second Ultium-based Cadillac in China in Q2, adding to the EV momentum built by the LYRIQ in the luxury SUV segment. Chevrolet deliveries neared 10,000 units. The Monza sedan remained the brand's top seller in China. The Tahoe, a long-time best-selling full-size SUV in the U.S., will be officially launched later this year in China through GM's premium import platform, The Durant Guild. SAIC-GM-Wuling delivered over 252,000 units. The Wuling Bin Guo EV and the Wuling Hong Guang MINIEV collectively sold approximately 78,000 units. The Wuling Xing Guang (PHEV and BEV) together reached nearly 20,000 units in sales. General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at
https://www.gm.com
. https://news.gm.com.cn/en/home/newsroom.detail.html/Pages/news/cn/en/2024/jul/0705-sales.html Jiangling Motors Co., Ltd. Founded in 1947, Jiangling Motors Group Co., Ltd (JMCG) is a automobile group company ranging product development, manufacturing and sales. JMCG is the only commercial vehicle company establishing joint-ventures with three of Fortune Global 500 enterprises in China (Ford, ISUZU, Renault). Jiangling Group has 3 production bases and 5 complete vehicle factories and 37 subsidiaries. JMCG is honored as National High-tech Enterprise and National Vehicle Export Base. In 2020, JMCG achieved the sales volume of 381,000 units with the revenue of 95.3 billion RMB, ranking 229th among Top 500 China enterprises and 94th among Top 500 China manufacturing enterprises. NO.1 in LCBV segment, NO. 2 in pickup segment NO.3 in light truck segment. JMCG is authorized as UN nominated supplier. JMCG auto products export to overseas markets, covering Latin America, Southeast Asia, Africa and Middle East. JMCG has 50 overseas distributors, 335 overseas dealers and over 272 service stations, and has established a professional KD center with annual capacity of 30,000 units. Up to 2021, accumulated export volume reaches over 230,000 units. https://www.jmcg-global.com/about1.html Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) formerly (PSA Peugeot-Citroen China (Paris: UG) Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) ("Stellantis") announced that, following completion of the merger of Peugeot S.A. ("Groupe PSA") and Fiat Chrysler Automobiles N.V. ("FCA") on January 16, 2021, the combined company was renamed Stellantis. Stellantis is one of the world's leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group's rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates. https://www.stellantis.com/en/news/press-releases/2021/january/the-new-name-and-governance-of-stellantis-take-effect First Half 2024 Results 25 July 2024 With Important Product-Led Transition Year Underway, Stellantis Delivers €5.6 Billion Net Profit, €8.5 Billion AOI(1) and 10% AOI Margin(2) in the First Half of 2024 Net revenues of €85.0 billion, down 14% compared to H1 2023, primarily due to the decline in volume and mix Net profit of €5.6 billion, down 48% compared to H1 2023, primarily due to lower volume and mix, headwinds from foreign exchange and restructuring costs Adjusted operating income(1) of €8.5 billion, down €5.7 billion compared to H1 2023, primarily due to decreases in North America AOI margin(2) of 10%, reflecting direct materials, workforce and logistics cost reductions which helped to mitigate the revenue decline Management taking decisive actions to address operational challenges, including North American share and inventory performance Industrial free cash flows(3) near zero (-€0.4 billion), impacted by lower AOI(1), as well as negative working capital development and higher investment spend, both expected to evolve favorably in the second half, supporting positive full-year Industrial free cash flow Total inventory reduced by 3% to 1,408 thousand units over the first six months of 2024 More than 20 launches planned in 2024, including a refreshed Ram 1500, European van range and the Peugeot 3008, the first on the new STLA family of platforms. Received all necessary approvals to launch the Leapmotor International JV, with initial deliveries in Enlarged Europe near the end of Q3 2024, followed by South America, Middle East & Africa and India & Asia Pacific Returned €6.7 billion in capital in the first half, reflecting in part the accelerated execution of the €3.0 billion 2024 share buyback program, and remain committed to return at least €7.7 billion before the end of 2024 "The Company's performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues. While corrective actions were needed and are being taken to address these issues, we also have initiated an exciting product blitz, with no fewer than 20 new vehicles launching this year, and with that brings bigger opportunities when we execute well. We have significant work to do, especially in North America, to maximize our long-term potential. I want to thank every employee for their teamwork and commitment during this very consequential chapter of our story." For full release see: https://www.stellantis.com/en/news/press-releases/2024/july/first-half-2024-results Volkswagen (Anhui) Automotive Company Limited formerly JAC Motors (SSE: 600418) VW takes majority stake in joint venture with JAC Volkswagen has now taken over the majority stake of the joint venture with JAC with 75 per cent, which also means management control. The company was immediately renamed from JAC Volkswagen to Volkswagen (Anhui) Automotive Company Limited since an eMobility hub is to be established in Anhui Province. https://www.electrive.com/2020/12/08/vw-takes-over-majority-of-joint-venture-with-jac/ Volkswagen (Anhui) Automotive Company Limited (formerly known as JAC Volkswagen Automotive Co., Ltd.) established by the Volkswagen Group and JAC Automobile Group in 2017, is the Group's first dedicated NEV joint venture in China. In December 2020, the joint venture was renamed Volkswagen (Anhui) Automotive Company Limited, after Volkswagen Group increased its stake to 75%. Volkswagen Anhui focuses on the R&D and manufacturing of NEVs. It will build the Volkswagen Group's third MEB plant in China. Construction of the plant started in July 2021, and will be fully completed in the next few months. The new MEB plant will produce pure-electric vehicles based on the Group's MEB platform, with the first vehicle expected to roll off the production line in the second half of 2023. It will be powered by green energy from day one and will incorporate several energy-saving strategies to reduce overall carbon emissions. After the inauguration of the main building at the end of 2020, the Volkswagen R&D center is now undergoing the second phase of construction, which includes a new R&D Proving Ground for pre-series performance testing and function validations. Covering an area of 195,000m2, the R&D Proving Ground can perform ADAS and connectivity testing with a high-speed 5G network in the area. Tests and validations will be kicked off in Q3 2022. The entire Proving Ground project will complete construction in mid-2023. Volkswagen Anhui unites research and development, quality assurance, simultaneous engineering and full capability pre-series manufacturing and testing together into one facility, with integration across the industrial value chain. It will strengthen the local expertise and production efficiency of Volkswagen Anhui, which will play a key role in rapidly growing and optimizing the Group's NEV portfolio to address the differing needs of Chinese customers in what is the world's largest NEV market. Volkswagen Anhui is currently increasing its local talent resources to around 3,000 employees by 2025. Benefiting from the Volkswagen Group's global expertise, locally-hired staff will be sent to Group facilities across Europe, including the headquarters in Wolfsburg, Germany. They will receive training in digitalization, whole vehicle testing and certification, product management, electronics development, etc. R&D experts from Germany will join Volkswagen Anhui for on-site training. Volkswagen Anhui will fully leverage the Group's global synergies to intensify its e-mobility strategy in China and contribute to achieving carbon neutrality goals by 2050. https://volkswagengroupchina.com.cn/en/partner/volkswagenanhui Volkswagen Group delivers robust 2023 results - Performance programs and record number of new product launches stabilize future development 13 March 2024 Robust financial results for 2023 show that the Group delivers reliably in a challenging environment All brand groups contributed to the operating profit of EUR 22.6 billion; operating profit reached EUR 25.8 billion, when adjusted for valuation effects in particular from commodity hedging 2023 was a year of restructuring, with consistent implementation of the TOP-10 program Comprehensive earnings programs launched; debut of the all-electric premium platform PPE and a record number of model premieres inspire confidence for 2024 In China, Volkswagen Group is maintaining a robust market position despite a challenging market. With a strong "in China, for China" approach, the Group is further accelerating electric offensive , developing technological capabilities and set up the business for the future. With regenerate+, the Group is establishing a holistic sustainability strategy and assuming social responsibility Oliver Blume, CEO Volkswagen Group: "With inspiring products and a clear, strategic focus on implementation, we are looking confidently into the financial year 2024. Volkswagen Group is entering the long-distance race of transformation from a position of strength. At the same time, we are aware of our challenges and are tackling them consistently to leverage the enormous potential of Volkswagen Group." Arno Antlitz, CFO and COO Volkswagen Group: "In a challenging environment, Volkswagen Group delivered robust results in 2023. That is what we want to build on this year. To ensure that we remain successful sustainably, we will focus in 2024 on ramping up new vehicles, reducing costs, making greater use of synergies within the Group, and establishing more robust regional positioning also by continuing to grow profitably in North America." Volkswagen Group achieved robust financial results in a challenging environment in 2023. Thanks to progress in electrification and a flexible product strategy, the Group successfully is able to meet customers' needs worldwide. At the same time, 2023 was a year of restructuring for Volkswagen Group. In many areas of the TOP-10 program, the Group has made progress faster than originally planned. With more than 30 new products, 2024 will be the year of world premieres, with highlights including the high-performance all-electric vehicles based on the new PPE premium platform. Volkswagen Group is therefore confident about the current year and an accelerated ramp-up from 2025 onwards. The overarching Group goal remains sustainable, value-creating growth. Oliver Blume, CEO Volkswagen Group, said: " With inspiring products and a clear, strategic focus on implementation, we are looking confidently into the year 2024. Volkswagen Group is entering the long-distance race of transformation from a position of strength. At the same time, we are aware of our challenges and are tackling them consistently to leverage the enormous potential of Volkswagen Group. We are now preparing the Group for sustainable positive development. With our broad and constantly growing product portfolio, we can fulfil the wishes of all our customers globally like no other manufacturer. This flexibility is a real competitive advantage that will enable us to remain successful in the future." Robust results and performance programs stabilize future development In 2023, Volkswagen Group achieved robust results in a challenging environment and proved that the Group delivers reliably with its strong brands. Deliveries increased 12 percent to 9.24 million vehicles, with all regions contributing to this increase. With sales revenue of EUR 322.3 billion, an operating profit of EUR 22.6 billion and a profit after tax of EUR 17.9 billion, Volkswagen Group demonstrated the resilience of its business model. The operating return on sales before special items amounted to 7.0 percent, despite considerable headwinds from the valuation of commodity derivatives, which had a positive impact on the operating profit in the previous year. Adjusted for these valuation effects, the operating profit reached EUR 25.8 billion, which corresponds to a margin of 8 percent. The Automotive Division's net cash flow rose to EUR 10.7 billion. With net liquidity in the Automotive Division of EUR 40.3 billion at the end of the year, the Group is in a very robust financial position. Earnings per preferred share increased by EUR 2.26 to EUR 31.98 (+8 percent). To note, Volkswagen Group had already published the Group's key figures for the past financial year and an outlook for 2024 on March 1, 2024. The Board of Management and Supervisory Board are proposing a dividend of EUR 9.00 per ordinary share and EUR 9.06 per preferred share to the Annual General Meeting, representing an increase of EUR 0.30 per ordinary and preferred share, respectively, compared to the previous year's figures. The payout ratio corresponds to 28 percent. Share of electric vehicles in deliveries continuously increased Electrification gained significant traction in the past year. Across all quarters, the share of battery-electric vehicles in deliveries rose successively, peaking at around 10 percent in the fourth quarter. In the full year, the BEV share reached 8.3 percent - a new record. In absolute figures, Volkswagen Group delivered 771,100 battery electric vehicles last year, which corresponds to an increase of 35 percent compared to 2022, driven by growth in all regions. The Group has, once again, confirmed its leading position in this segment in Europe. Arno Antlitz, CFO and COO Volkswagen Group, said: "In a challenging environment, Volkswagen Group delivered robust results in 2023. That is what we want to build on this year. The Group is well-positioned and operates from a financially strong position. On this basis, we will consistently drive forward our transformation towards electromobility and digitalization. To ensure that we remain successful sustainably, we will focus in 2024 on ramping up new vehicles, reducing costs, making greater use of synergies within the Group and establishing more robust regional positioning also by continuing to grow profitably in North America." Investment peaks this year and declines to follow The Group continues to consistently pursue strategic investment planning to further increase competitiveness, expand its activities in the most attractive growth markets and strengthen the entire product portfolio. At the same time, by making greater use of Group synergies, investments in the upcoming five-year plan for the years 2025 to 2029 can be limited to EUR 170 billion. This will be invested primarily in new products, strengthening the regions, in the battery business and platforms for battery electric vehicles and in models with modern, increasingly hybridized combustion engines. Investments are expected to peak in 2024 and then approach the target level of 11 percent of sales revenue by 2027. Performance programs with a sustainable effect on results Volkswagen Group is implementing the largest earnings program ever initiated in the Group and is aiming for a sustainable effect of more than EUR 10 billion across the entire Group by the end of 2024. This will also provide cushioning for adverse effects such as inflation and increased costs. The company is focusing on measures to increase performance and reduce costs by optimizing material and product costs, reducing fixed and production costs, and increasing earnings, both in sales and after sales. The performance programs, developed across all brands, offer a threefold opportunity. They are intended not only to increase the Group's competitiveness and improve efficiency, but also to free up financial resources to invest in products and new business areas to better meet global customer requirements in the long term. Additionally, they help to secure jobs and locations in the long term. These programs are continuously developed further to be able to operate successfully in a dynamically changing market. Introduction of the PPE platform for more performance and flexibility First fruits of the realignment can be seen with the launch of the all-electric premium platform PPE, which stands for performance, flexibility, and scalability. Following the example of the MEB platform, the PPE platform enables the efficient use of synergies in the premium and luxury segments. The portfolio will be significantly upgraded again in 2024 with important bestsellers such as the Golf, Tiguan, Passat, Octavia and Superb, often enhanced with modern hybrid technology, and the all-electric MEB family. All upgrades will further strengthen the Group's position. In addition, there are completely new all-electric models such as the Porsche Macan Electric and the Audi Q6 e-tron on1 the Premium Platform Electric as well as the MEB-based ID.72 and ID.7 Tourer3, the CUPRA Tavascan4 and the ID. Buzz5 with a long wheelbase. Due to the numerous product highlights, the Group expects incoming orders in Western Europe to pick up speed in the coming months, compared to the previous year. This also applies to the all-electric vehicles that are already available and for which Volkswagen Group has started the new year with a clearly positive trend, compared to the previous year's period. Overall, the Group is confident about a record year for new models in 2024, in which more than 30 new product launches are planned thanks to powerful platforms. Supported by a strong operating business, the Group is also planning further investments in the battery activities and strengthening the regions. Flexible strategy Volkswagen Group is convinced that the future of mobility is electric. While some countries continue to show an impressive pace of transformation, the ramp-up of electric mobility in other regions is unfolding less quickly than expected. Volkswagen Group's strategy is therefore characterized by flexibility. While extensive investments are being made in the expansion of electric mobility, highly competitive, efficient, and attractive models with combustion engines will remain part of the product range during the transition phase. Improved and new plug-in hybrids complement the range in many markets. All brand groups contribute to the development of the operating profit In the Passenger Cars segment, all brand groups achieved good results in 2023. Not only was sales growth strong, but operating profit before special items adjusted for the effects of commodity hedging also increased across all brands. The operating return on sales of the Brand Group Core (Volkswagen, Volkswagen Commercial Vehicles, Škoda, SEAT/CUPRA) rose to 5.3 percent (3.6 percent), which is primarily attributable to the strong increase in sales revenue of 21 percent to EUR 137.8 billion. With this operating profit, the Brand Group Core has taken an important first step towards its strategic return target of 8 percent. Sales revenue of the Brand Group Progressive (Audi, Lamborghini, Bentley, Ducati) rose to EUR 69.9 billion (+13 percent) in 2023. The operating profit decreased to EUR 6.3 billion. Before valuation effects in particular from commodity hedging, operating profit improved to EUR 7.7 billion. The operating return on sales amounted to 9.0 percent (12.3 percent). Adjusted for valuation effects of EUR -1.4 billion, it rose to 11.0 percent (10.6 percent). Brand Group Sport Luxury (Porsche) continued its successful track record. Its sales revenue increased to EUR 37.3 billion (EUR 34.6 billion), while the operating return on sales remained at the previous year's level of 18.6 percent despite the headwinds from increased costs for product launches and higher production costs. The Financial Services Division's operating profit contributed EUR 3.8 billion to the Group result but was around a third below the previous year's high level. This is due to the expected normalization of used car prices. In 2021 and 2022, the residual values of used cars rose to unprecedented levels due to the semiconductor-related shortages of new vehicles. The group recognized early on that this level would not be sustainable and planned accordingly. Brand Group Trucks (TRATON: MAN, Scania, Navistar, Volkswagen Truck & Bus) increased sales to EUR 45.7 billion (EUR 39.5 billion) due to higher volumes, a positive market and product mix, better unit prices and growth in the vehicle service business. The TRATON Group significantly improved its operating margin to 8.1 percent (4 percent) with an operating profit of EUR 3.7 billion (EUR 1.6 billion). At CARIAD, revenue from contract licenses rose by around 30 percent to EUR 1.1 billion, as the software is being used in increasingly more Group vehicles, as planned. Due to the business model, this division recorded an operating loss of EUR 2.4 billion, as CARIAD makes significant advance payments for future software architectures, which are remunerated via license payments. In operational terms, the Group in the software area has focused on launching important products such as the Porsche Macan Electric and the Audi Q6 e-tron this year. The development of the battery business is also continuing to make progress. However, higher investments and the costs of setting up teams in various countries led to an operating loss of EUR 0.4 billion and a net cash outflow of EUR 0.8 billion. This relates to investments in the Group's battery activities, which are essential for the successful ramp-up of electric vehicle production. Clear China strategy informs transformation decisions In China, the Volkswagen Group is further strengthening the pace of innovation, technological localization and customer centricity. Therefore, important strategic measures were taken in 2023. The yardstick is a consistent 'In China, for China' approach. Ralf Brandstätter, Member of the Board of Volkswagen AG for China, said: "With our 'in China for China' strategy and our strong layout in the market over 40 years, we are tailoring our portfolio to the needs of the Chinese customers in high speed. While the situation in the market which is characterised by an ongoing price war will remain demanding over the next two years, we are further developing our technological capabilities and positioning our sustainable business for the future. We set value over volume to safeguard our investments for the next leap in innovation." To cater the market demands and trends even faster the Volkswagen Group has set the course by expanding its own development expertise. The Volkswagen China Technology Company (VCTC) is of central importance here. It is the core of Volkswagen's state-of-the-art production, development, and innovation hub in Hefei accelerating development time by 30 percent to harness the growth momentum of the Chinese market. VCTC is utilising this China Speed in the development of a new local platform in the entry-level segment. The first models based on the China A Main platform (CMP) will hit the market as early as 2026. To additionally strengthen the E-offensive the Group also set up partnerships with local OEMs XPENG and SAIC to complement the existing portfolio on global platforms and thereby tapping new market segments in the dynamic Chinese e-market as of 2025/2026. Volkswagen Group has a clear product roadmap in place: The Group brands will offer more than 30 BEVs by 2030. At the same time, at Cariad China over 1,000 software experts are fostering the rapid integration of the latest digital technologies into vehicles of the Volkswagen Group brands. To further broaden the Group's local development footprint in China strong partnerships with Chinese high-tech companies have been forged: With Horizon Robotics for autonomous driving, with Thundersoft in the area of infotainment and with ARK to enhance user experience. In 2024, Volkswagen Group will continue to consistently pursue localisation in line with the strong "in China for China" approach, driving development speed to get intelligent technologies into the cars of the Group's brands even faster and steadily ramping up the ICV portfolio. In order to safeguard the strategic measures and investments Volkswagen is further optimizing economic structures while providing cost competitive products to the Chinese customers. Holistic approach to sustainability through regenerate+ Volkswagen Group takes a holistic approach to sustainability: in terms of nature, employees, society and value-creating entrepreneurship. The Group has therefore established a holistic sustainability strategy. It applies Group-wide and is the basis for ambitious sustainability programs of all Group brands. A key lever for reducing emissions is the ramp-up of electromobility. With its sustainability strategy, Volkswagen Group 2024 is providing important impetus and assuming responsibility. For example, it is driving forward one of the most ambitious e-offensives in the automotive industry across all vehicle segments. Production is increasingly coming into focus. The Volkswagen Group is aiming to achieve balance sheet carbon neutrality at all production sites worldwide by 2040 - 10 years earlier than planned. The aim is to reduce 90 percent of all greenhouse gas emissions compared to 2018. The Group intends to achieve this by converting its energy supply and increasing energy efficiency, among other measures. For example, by 2030, 100 percent of the external electricity supply at all locations, including China, is to come from CO2-neutral sources. All European locations are already supplied with 100 percent green electricity. Eight plants in Europe already operate on balance sheet carbon-neutral basis. https://www.volkswagengroupchina.com.cn/MediaCenter/News/Detail?itemid=7bf3054d-f355-4d40-90f3-6c65f2a27e70 |
