Shulou(Shulou.com)11/24 Report--

GAC GROUP released the 2023 semi-annual report on August 25. The report shows that in the first half of the year, GAC GROUP realized a total operating income of about 233.532 billion yuan, a combined total revenue of about 61.911 billion yuan, and a net profit belonging to shareholders of listed companies of about 2.966 billion yuan. In order to effectively repay shareholders, GAC GROUP plans to pay an interim dividend of 0.5 yuan (including tax) for every 10 shares to all shareholders, with a total dividend of about 524 million yuan.

The report mentioned that GAC GROUP persisted in taking the lead in the manufacturing industry, persisted in high-quality development, actively responded to the severe and complex internal and external situation, made every effort to stabilize growth, ensure profits, expand the market, readjust structure, and improve quality, and effectively realized the positive growth of automobile production and marketing output value in the first half of the year, giving full play to the ballast stone role of steady growth of state-owned enterprises.

China's automobile industry has comprehensively bid farewell to the golden era of high growth, and the knockout stage of the auto market has been accelerated, ushering in the key node of transformation and reform. Looking forward to the second half of the year, with regard to the new fourth transformation of joint venture brands that the outside world is more concerned about, GAC GROUP said that he will step up efforts to promote the electrified transformation and independent back-feeding support of the joint venture company, promote the coordinated transformation and upgrading of independent brands and joint venture brands, and enhance the new energy product strength of the whole group.

It is reported that GAC GROUP's two major Japanese joint ventures Guangzhou Auto Honda and Guangzhou Automobile Toyota have been catching up in the transformation of the new four modernizations.

The support of both shareholders is unprecedented, and the joint venture has great potential.

From the action of Dongfang, both Honda and Toyota have launched a positive electric transformation strategy.

Honda announced at this year's shanghai auto show that it will launch 10 pure electric vehicles under the eRU N brand in China by 2027, five of which will be introduced into Guangzhou Auto Honda. After 2027, no new fuel models will be put into China, and all new models launched after 2027 will be electric models such as hybrid and pure electric vehicles. Honda's share of pure electric vehicle sales in China will also accelerate. It is planned that by 2035, the world's goal of 100% pure electric vehicles will be achieved ahead of schedule.

Toyota, for its part, is accelerating its evolution to mobile travel companies around the three themes of "electrification", "intelligence" and "diversification". On July 31, Toyota announced that in order to provide satisfactory and competitive electrified products to Chinese customers, it decided to further strengthen the local research and development of intelligent and electrified technology. Major measures include: Toyota Research and Development Center (China) Co., Ltd., Toyota's largest R & D base in China, officially changed its name to Toyota Intelligent Electric vehicle Research and Development Center (China) Co., Ltd. (IEM by TOYOTA) on August 1. Engineers from the R & D centers of Toyota's three joint ventures in China, as well as Denso and Ericsson, will break down organizational barriers to join IEM by TOYOTA-led R & D projects; in the aspect of electrification, multi-path development will strengthen the local R & D of omni-directional electric vehicles (BEV, PHEV, HEV, FCEV). In terms of intelligence, accelerate the design and development of autopilot technology and advanced safety technology that are more in line with the actual road conditions in China. The previous June, Toyota held a media-oriented technology briefing, which disclosed the development of more than 20 new technologies at once, including new solid-state battery technology and many hydrogen technologies, which attracted wide attention in the industry.

GAC GROUP is a leader in the transformation from traditional automobile field to new energy technology enterprise. As a Chinese shareholder, GAC GROUP has also been providing support for the transformation of its joint ventures and increasing independent feedback. In the field of new energy, GAC GROUP not only has the leading technology in the industry, but also has created AION series and Hyper series new energy vehicle products based on the new pure electric exclusive platform, and has successfully introduced a number of new energy products to joint ventures such as GAC Honda and GAC Toyota. GAC is also working with Toyota, Guangzhou Automobile Toyota and Toyota China Research and Development Center to build a SUV model, the bZ FlexSpace Concept Yuetong Space, whose concept car has been unveiled at this year's Shanghai Auto Show.

It can be said that, with the strong support from both Chinese and foreign shareholders, GAC Honda and GAC Toyota started the transformation of the new four modernizations late, but they have great potential.

The electrification of the joint venture with a solid foundation accelerates to boost confidence

It is worth noting that the basic market of the joint venture brand in the Chinese market is still sound. The latest data show that GAC Toyota sold 501005 units from January to July, ranking first in the mainstream joint ventures in the top three and Japan. Among them, Camry sold 17613 units in July, tired sales exceeded 120000 from January to July, Hanlanda sold 7378 units in July, an increase of 8% over the previous month, and Sena sold 7094 units in July, up 21% from the previous month. The three flagships sold 32085 units in July, accounting for more than 40%. In other words, for every 100 vehicles sold by GAC Toyota, more than 40 are the three flagship models. Guangzhou Auto Honda also sold more than 330000 vehicles from January to July and opened an export business. The accumulation of 10 million users' base plate and word-of-mouth is still a strong support for the future development of Guangben.

GAC Honda spared no effort to accelerate the transformation of electrification and intelligence, and with the blessing of the fourth generation i-MMD technology, the electrified full matrix of "HEV+PHEV+EV" was upgraded and renovated. In the first half of 2023, the "New Energy Twin Star" brand new Accord e:PHEV and Haoying e:PHEV were launched, and the price strategy of "the same price for oil and electricity" was used to deepen the new energy development route of GAC Honda. At present, the cumulative sales of e:HEV and e:PHEV products have exceeded 500000. It is reported that the new GAC Honda electric car factory project will enter the mechanical and electrical installation and equipment introduction construction phase in the second half of this year, and the new plant is scheduled to start production in 2024. In addition, we are also making every effort to promote the training of talents for the new four modernizations.

The key to the intelligent second half of the car is autopilot. Recently, Guangzhou Auto Toyota signed an agreement with Toyota Motor and Xiaoma Zhihang to invest more than 1 billion yuan to set up a joint venture company related to self-driving taxi (Robotaxi) to launch a Robotaxi vehicle based on the Toyota brand pure electric vehicle produced by GAC Toyota, in order to realize the large-scale and commercial application of highly self-driving technology.

At present, the layout of Guangzhou Automobile Honda and Guangzhou Automobile Toyota in the direction of electric transformation has gradually become clear, relying on the sound basic plate, coupled with the plan to take root, the joint venture will catch up quickly. GAC GROUP and foreign partners give full play to their respective strengths and achieve a strong alliance, which is bound to open up a new imagination for the joint venture brand.

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