01.SAIC and Volkswagen will cooperate to develop a variety of plug-in hybrid and pure electric models
On June 27, Volkswagen Group, SAIC Motor, Volkswagen (China) Investment Co., Ltd., Volkswagen (China) Technology Co., Ltd., and SAIC Volkswagen signed a number of technical cooperation agreements on SAIC Volkswagen's new product projects in Shanghai. The content includes a technical cooperation agreement for the development of three plug-in hybrid models and two pure electric models in China, and the two sides will jointly "empower technology" for the joint venture, opening a new chapter in the joint venture cooperation. It is expected that from 2026 and beyond 2030, a number of plug-in hybrid and pure electric models will be jointly developed to the market.
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With the signing of this agreement, SAIC Volkswagen has changed its previous single model of relying on Volkswagen in R&D to a three-party joint development. Among them, the introduction of SAIC technology is an important change for SAIC Volkswagen. In the Chinese market, SAIC Volkswagen has always had very strong independent research and development capabilities, and the Lavida model it developed that year is still one of the best-selling A-class cars in the market. With the signing of this agreement, SAIC Volkswagen has formed a new R&D model, which is rare among joint venture cars.
02. Nezha Automobile submitted to the Hong Kong Stock Exchange
Following the successful listing of four new car-making forces in Hong Kong, namely NIO, Xpeng, Li and Leap, Nezha Automobile is expected to become the fifth new power car company to IPO in Hong Kong. On June 26, Hezhong New Energy, the parent company of Nezha Automobile, submitted an IPO application to the Hong Kong Stock Exchange. According to the prospectus, as of December 31, 2023, Nezha Automobile's cash and equivalents were 2.836 billion yuan, and Nezha's losses are still expanding.
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Since last year, Nezha, the former new force selling champion, has been in the predicament of obviously falling behind. In the first quarter of this year, Nezha Automobile sold 24,400 vehicles, a year-on-year decrease of 6.87%, and delivered 10,100 vehicles in May, a year-on-year decrease of 22.38%. The stagnation of sales has further led to the slowdown in Nezha Automobile's revenue growth. According to the financial report, as of the end of 2023, the total liabilities of Hezhong New Energy will reach 18.435 billion yuan, of which the current liabilities will be as high as 16.089 billion yuan. The risk factors in the prospectus also mentioned that the business plan still requires a large amount of capital, and if it cannot obtain external financing to continue the business, it will be forced to reduce or terminate operations.
03.Chery and Jaguar Land Rover promote a new cooperation model
Recently, Jaguar Land Rover and Chery Automobile announced the signing of a strategic cooperation letter of intent, based on which Chery Jaguar Land Rover will launch and manufacture a series of electric products. The product will be equipped with Chery's electrification platform and will use Jaguar Land Rover's authorized "Freelander" brand, which will be produced in parallel with the existing product line at Chery Jaguar Land Rover's Changshu plant and sold independently in the future.
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Jaguar Land Rover and Chery jointly developed the "Freelander" electrification brand, marking Chery Jaguar Land Rover's entry into a new strategic development stage. Compared with 12 years ago, the cooperation between Jaguar Land Rover and Chery is an innovative business model promoted by the senior management of both parties in the globalization and electrification of automobiles.
04. Geely Automobile's revenue in the first quarter was 52.3 billion yuan
On June 28, Geely Automobile Holdings Co., Ltd. (hereinafter referred to as "Geely Automobile") (0175. HK) announced its financial results for the first quarter of 2024. In the first quarter of 2024, the company achieved revenue of 52.3 billion yuan, a year-on-year increase of 56%; The net profit attributable to shareholders of the listed company was 1.561 billion yuan, an increase of 119% year-on-year. From January to May, the Group sold 789645 vehicles, a year-on-year increase of more than 45%, and achieved 41% of the annual sales target of 1.9 million units as planned.
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From January to May, Geely Automobile's cumulative sales volume was nearly 790,000 units, a year-on-year increase of more than 45%, and 41% of the annual sales target of 1.9 million units was completed as planned, which is the highest completion rate in the industry. Splitting Geely Automobile's sales growth, new energy vehicles contributed a lot of growth. From January to May 2024, Geely Automobile's total sales of new energy vehicles reached 254,000 units, a year-on-year increase of about 126%; Sales in May were 58,673 units, a year-on-year increase of about 146% and a month-on-month increase of more than 14%. Judging from the data of the Passenger Association, Geely's sales of new energy vehicles have surpassed Tesla in China and ranked second in the industry. In the ranking of the top 5 brands in new energy sales, Geely's growth rate is also the fastest in the industry.
Xu Fanghua, reporter of Southern Network and Guangdong Study