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2024-10-11 12:15 |
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签到天数: 6 天 [LV.2]筑基
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China was a gold mine for global automakers a decade ago. Not anymore.
9 R8 w$ n* k* g十年前，中国是全球汽车制造商的金矿。不再。
+ Y8 b3 P6 _ ]2 p& O“Very few people are making money” in China, General Motors Chief Executive Mary Barra told investors in July.' ^' O5 M+ H- O# E
通用汽车首席执行官玛丽·巴拉 (Mary Barra) 7 月份对投资者表示，在中国“赚钱的人很少”。" U3 V: m, p, |- l L* S" q
A jarring new data point came earlier this month when Germany’s Volkswagen reported its first quarterly loss in at least 15 years from joint ventures and associates. These include its big Chinese JVs and have long been seen by investors as a proxy for its business in the country.
2 k( V1 b8 ^+ H/ Y( m7 ~# i本月早些时候，德国大众汽车公布了一个令人震惊的新数据，该公司报告称，合资企业和联营企业至少 15 年来首次出现季度亏损。其中包括其大型中国合资企业，长期以来一直被投资者视为其在华业务的代表。
8 i- D# k' x3 G$ aVolkswagen’s equity income, quarterly
& l# B7 J; G. X: d# Q) Y; ]# ~0 E* @Source: FactSet
0 R$ S7 p) p. s; mbillion! U6 E3 K* O; J5 o+ S
For the largest global automakers, profits in China have been hit by falling sales as consumers embrace electric vehicles from homegrown brands such as BYD, which last year supplanted Volkswagen as China’s bestselling carmaker.
: M4 G9 o1 @ m ]. B对于全球最大的汽车制造商来说，随着消费者接受比亚迪等本土品牌的电动汽车，中国的利润因销量下降而受到打击。比亚迪去年取代大众成为中国最畅销的汽车制造商。
9 u, @. z) v/ RIn July, EVs and plug-in hybrids accounted for over half of all cars sold in the country for the first time, while the share shipped to dealers by non-Chinese brands slipped to 33%, down from 50% two years earlier.# ~$ u7 ]* a* G6 w0 I1 b
7月份，电动汽车和插电式混合动力汽车首次占到该国所有汽车销量的一半以上，而非中国品牌向经销商发货的份额则从两年前的50%下滑至33%。/ |% |5 G+ b- j B& R# A
Market share of BYD in China1 B) ]! h: \$ W! P+ e/ L' X& C
Another problem is falling prices in a marketplace besieged by new entrants. Like for like, Chinese vehicle prices in June were more than 6% lower than a year before, according to brokerage Bernstein.) w+ R$ S; j* O* d
另一个问题是被新进入者围困的市场价格下降。据券商 Bernstein 称，6 月份中国汽车价格比去年同期下降了 6% 以上。% h. S) n6 D! p7 z
Volkswagen has been spending heavily to regain ground, with a focus on local partnerships under the strategic banner “in China, for China.”. U. \1 [/ l& c) Q `- q8 W
大众汽车一直在斥巨资收复失地，并在“在中国，为中国”的战略旗帜下重点关注当地合作伙伴关系。1 x! u; h0 Y; e2 q: P& J1 I
GM was another giant of the Chinese car market, selling more than four million vehicles at the 2017 peak, similar to Volkswagen. By 2023 GM’s annual sales had almost halved, and this year its JVs have reported their first consecutive quarterly losses since its 2009 bankruptcy.
* Q, m0 |: Q' i通用汽车是中国汽车市场的另一巨头，2017年峰值销量超过400万辆，与大众汽车类似。到 2023 年，通用汽车的年销售额几乎减半，今年其合资企业报告自 2009 年破产以来首次连续季度亏损。 k- }6 j2 s7 \% |7 M% m8 A
Having pulled out of Europe, India and other countries, Barra has earned a reputation for cutting losses in global markets where GM couldn’t make money. Its troubled JV with Chinese automaker SAIC, which makes Buicks, Chevrolets and Cadillacs locally, expires in May 2027.% M3 u" a3 H; ` Y8 f
巴拉退出欧洲、印度和其他国家后，因在通用汽车无法盈利的全球市场上减少损失而赢得了声誉。该公司与中国汽车制造商上汽集团的合资企业陷入困境，该合资企业在当地生产别克、雪佛兰和凯迪拉克汽车，该合资企业将于 2027 年 5 月到期。
3 N H3 r& d6 d' }GM’s equity income from Chinese joint ventures
% G6 l9 u+ d, F4 x; y1 w9 tSource: the company+ e8 v% U7 s- I8 ^! N0 ]. Y
Notes: Equity income is the company’s share of profit from joint ventures and associates; 2024 data is for the first half.
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GM has said it is working with its partners to restructure its China business, which it says is profitable. “I don’t necessarily accept the notion that we’re struggling to make money there,” Chief Financial Officer Paul Jacobson said at an investor conference this month.* S+ u4 V( M# l/ a7 X- q. r/ ^
通用汽车表示，正在与合作伙伴合作重组其中国业务，并称该业务已实现盈利。 “我不一定接受我们正在努力赚钱的观点，”首席财务官保罗雅各布森在本月的投资者会议上表示。
$ I% [/ C5 m0 S/ F. `It is tougher for global manufacturers to leave China than other markets because it is the global hub for making and, increasingly, exporting EVs.; c2 @. q1 U! ~* W
与其他市场相比，全球制造商离开中国更加困难，因为中国是全球电动汽车制造和出口中心。
: h( F! V% ?+ M“You don’t exit China lightly. It’s not just your business there; it is also about the influence of Chinese suppliers and consumers,” said Philippe Houchois, an analyst at brokerage Jefferies.7 l e' X; v1 C6 x" u( r
“你不会轻易退出中国。这不只是你的事，也是你的事。 “这也与中国供应商和消费者的影响力有关，”杰富瑞经纪公司分析师菲利普·霍乔斯(Philippe Houchois)表示。
5 c/ V$ Q( ?; `' a. y# }0 HChrysler owner Stellantis pulled out of manufacturing cars in China in 2022 after its JV that made Jeeps filed for bankruptcy. But it returned to the country a year later by buying a roughly 20% stake in Chinese EV startup Zhejiang Leapmotor Technology. Last month a new JV between the two companies shipped a first batch of Leapmotor EVs to Europe.. |" _2 ~" ?8 f/ |
克莱斯勒母公司Stellantis在其生产吉普车的合资公司申请破产后，于 2022 年退出了在中国的汽车制造业务。但一年后，该公司重返中国，收购了中国电动汽车初创公司零跑科技约20%的股份。上个月，两家公司成立的新合资企业向欧洲运送了第一批零跑电动汽车。, h. \0 c- l' G5 Q6 g/ d3 \
Share of Tesla’s revenue made in China
" ] v3 p" N2 r! a# Z1 i4 q$ a! HSources: FactSet (2014-2013), the company (2024)8 h" g1 ^6 F( k4 E, O
Note: 2024 data is for the first half
4 C& g# l9 d- w g* ? I6 L2014# p+ w, X$ ?$ T# ~5 ?" S0 `# r
'15
8 o$ U- b$ q+ h. N'20
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15
6 U9 s1 \9 `" k. z# z5 q# Y4 Z20
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5 R( p( g8 O4 M+ k& d3 l2 h6 mTesla’s China business, which took off in 2020 after Beijing gave it permission to open a wholly-owned factory near Shanghai, is also suffering.1 ?8 y6 C, n& c# Q7 _
特斯拉的中国业务在北京允许其在上海附近开设一家独资工厂后于 2020 年起飞，但目前也受到了影响。
" y) F9 r3 W% l* k \2 ?Because it wasn’t required to hook up with a local automaker, the company doesn’t report equity income from joint ventures as its peers do, and it doesn’t disclose regional profit. However, Tesla’s share of revenue from China slipped to less than a fifth in the first half of 2024, down from more than a quarter at the 2021 peak.
* p/ e- L, O( {' _: @由于不需要与当地汽车制造商合作，该公司不像同行那样报告来自合资企业的股权收入，也没有披露地区利润。然而，特斯拉来自中国的收入份额从 2021 年峰值时的四分之一以上下滑至2024 年上半年的不到五分之一。, R& n) Y# _0 x5 j0 T) n
Manufacturers from China’s Asian neighbors aren’t faring better, according to the latest results. Toyota’s Chinese JV income fell 73% in the quarter through June compared with the same period of 2023, while Honda’s equity income was all but wiped out.
8 C; n. U: [0 S% l6 L最新结果显示，中国亚洲邻国的制造商的情况也好不到哪里去。与 2023 年同期相比，截至 6 月份的季度，丰田的中国合资企业收入下降了 73%，而本田的股权收入几乎全部消失。) @2 {+ f6 p* L( ^
“Global automakers in China still haven’t found a bottom,” said Tu Le, managing director of industry research firm Sino Auto Insights. |
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