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Dismal sales frustrate automakers' profits

By Hao Zhou (chinadaily.com.cn)
Updated: 2008-10-23 16:35

As the last quarter of this year begins, many Chinese automakers have found it hard to realize sales targets as well as profit goals established at the beginning of this year, Shanghai Securities News reported today.

A research report released by Shanghai-based Shenyin Wanguo Research and Consulting Co Ltd claimed that China's entire auto industry is under great profit pressure, based on the analysis of the sales results of the country's top three automakers in January-August period.

FAW-Volkswagen, the joint venture between FAW Group Corporation and Volkswagen AG, had set a sales target of 600,000 cars for 2008, 200,000 more than the result in 2007. However, the No 1 Chinese carmaker sold just 343,500 cars in the first eight months this year, accounting for only 57.2 percent of its full-year target.

At the same time, the second largest carmaker Shanghai Volkswagen met only 56.3 percent of its 2008 target of 590,000 cars between January and August, while the No 3 Shanghai GM's condition is much worse. It even failed to complete half of its full-year target in the first eight months.

"Only half of the listed Chinese automakers would make considerable profits this year, such as Xiamen King Long Motor, Zhengzhou Yutong Bus, FAW Car, Sinotruk, Weichai Power, and Beiqi Foton Motor," said Sun Muzi, an auto industry analyst with Essece Securities. "And the other half, including SAIC Motor, Changan Auto, Haima Motor, Jianghuai Auto, and Dongfeng Motor, are likely to see a drop in their 2008 profits."

China's automobile market recovered in September from August, with 751,500 vehicles sold nationwide, up 19.48 percent month-on-month. However, it still represented a year-on-year 2.74 percent decline compared with last September. September is always considered a golden sales month for the Chinese auto market.

Sales in the overseas markets were also frustrating. Jin Yibo, assistant to the general manager of Chery Auto, has clearly said that the China's No 1 independent automaker and exporter will hardly be able to meet its full-year target in 2008. He attributed the probable failure to the declining Russian auto market and the appreciating yuan.