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Facing the dual pressures of lower automobile prices and rising raw material costs, the average profit margin of domestic new car sales has dropped to 4%, which is lower than the average level of domestic manufacturing. The reporter learned from the China Economic Summit of the China Science and Technology Fair that in order to get out of the predicament, automakers are seeking profit breakthroughs in downstream industries such as auto finance, car leasing, and used car operations.
Increasing production without increasing profits is the most important issue that has plagued major automobile manufacturers. Information from the National Bureau of Statistics shows that despite the double-digit growth in the production and sales of automobiles both in China last year, the overall vehicle profit has dropped by 38.4%, in particular, the sales margin has fallen below the average level of 4.46% for the entire manufacturing industry. Taking Shanghai General Motors, which has both sales and profits as the leader of the rankings, as an example, despite a significant increase in sales of 320,000 vehicles last year, its total profit decreased by approximately 30% over the previous year.
According to Xu Hsiyi, chairman of Beijing Hyundai, in the mature automobile market in foreign countries, new car sales are the upstream industry of automobiles, and the proportion of total profits of the manufacturers is not high. The sales profit of new cars in Japan accounts for about 48%, and the United States accounts for about 39%. Europe The proportion of new car sales profit is even lower to 10%. In China, new car sales are still the most important source of profits for manufacturers, and they account for as much as 50% to 70% of total profits.
Among the automotive giants, GM, Ford, and Volkswagen's automotive downstream businesses are operating at a high level. General Motors Financial Corporation is GM’s most profitable division, and Ford’s Hertz car rental business has spread to more than 100 countries and was sold at a high price to win $5.6 billion in valuable cash at Ford’s toughest times. Under the general trend of lower vehicle prices, domestic auto makers must seek profit breakthroughs from downstream industries in order to increase profitability.
Fan Yongyao, general manager of Shouqi Leasing also said at the forum that the market scale of the domestic car rental market in the next 10 years will increase by at least 13 billion yuan, and auto manufacturers should be fully aware of the leasing industry's contribution to the promotion of new car sales. In Europe, rental cars will be retired and eliminated within six months to one year. In the United States, leased vehicles will be replaced and replaced on average for two years. Car rental has already become an important part of the automobile industry chain.
Xu Heyi revealed that Beijing Hyundai has reached a cooperation intention with Shouqi Leasing and will jointly develop leasing business. In the future, Beijing Hyundai will also increase investment in many fields such as auto finance and used car operations.