This is undoubtedly the experience of falling from heaven to earth for BBA, who is used to lying down and counting money.
The first half of BBA was terrible.
How difficult it will be in 2020 under the epidemic situation is not reflected in how many bottom car companies have closed down, but in the performance of top car companies headed by German and Japanese. It's like even learning to bully can prove how difficult the test questions are. Judging from BBA's financial report for the first half of the year, it is obviously stumped.
In the first half of this year, BMW Group, Daimler Group and Audi brand suffered heavy losses in financial income and sales, with a decline of more than double digits.
Among them, Daimler Group suffered the most serious losses, reaching about 654.38+04.033 billion RMB, and its global sales dropped sharply by 26%.
Audi, backed by Volkswagen Group, also faced a loss of about 6 1.9 1 billion yuan, and its global sales plummeted by 22%.
BMW has become a minority flying against the wind. Because the profit before interest and tax in the first quarter reached 65.438+0.38 billion euros (about 65.438+0.60 billion RMB), an increase of 65.438+0.33% year-on-year, even though the first quarterly loss occurred in the second quarter of this year for ten years, it still achieved brilliant results in the first half of this year: a profit of 700 million euros.
Although BMW won rather than lost, Mercedes-Benz and Audi were enough to become lemon essence, but BMW itself could not laugh. Because BMW's global sales in the first half of the year plummeted by 23% compared with last year, its revenue dropped by 22.4%. In the same period last year, BMW has earned 2.31small target (2.8 billion euros), and this year it only earned a quarter of the same period last year.
More importantly, the COVID-19 epidemic of the Black Swan incident is lingering, which makes the economic recovery process slow, and it is difficult for the automobile market demand and heat to return to normal level in a short time.
Previously, some foreign-funded institutions predicted that the epidemic would lead to a decline in global automobile production by 16% (about15.8 million vehicles) in 2020, and the global automobile industry hit hard by the epidemic would go back ten years, even worse than in the 2008 financial crisis.
Therefore, in the shadow of the epidemic, no one will be the real winner. Looking back at the first half of 2020, European and American car companies, including BBA, can be described as bleak. Since the outbreak, they have stopped production and made masks and ventilators across the border. They didn't make any money, but they had to bear the plunge in three important markets: China, Europe and North America.
However, even though difficulties followed, there was a rare loss in the first half of the year, the BBA giant was still full of confidence. Among them, Audi's parent companies Volkswagen Group and Daimler Group expect that the performance in the second half of the year will not be too bad, and it is not a big problem to achieve profitability throughout the year.
After all, as a multinational auto giant, BBA has stable cash flow and super immunity. This is not bragging. Recalling the financial crisis that broke out in 2008, the bankruptcy and reorganization of General Motors in the United States, Ford wantonly sold Jaguar Land Rover and Volvo, Chrysler chose to marry Fiat, and the automobile city Detroit collapsed instantly.
The German automobile industry is the opposite. In 2009, the sales volume of Volkswagen increased 1. 1% against the trend, reaching 6.29 million vehicles. In 20 19, although the global decline of Mercedes-Benz was about 10%, the China market surged by 77%.
On the one hand, the German government has introduced a tax reduction policy. On the other hand, German car companies headed by BBA are actively helping themselves: the most direct way is to shorten working hours and reduce the running time of production equipment and production lines to cope with the decline in sales. For example, BMW has stopped production in turn since the end of 2008 10. ...
In addition, mass layoffs to reduce costs, increased staff training to enhance soft power, and so on. ...
Therefore, even in the face of the COVID-19 epidemic, BBAs is not surprised. Compared with those car companies with huge losses of tens of billions of euros, it is already a clear stream.
BBA: No matter how much money you save, you won't save your investment in the new four modernizations.
Such a bold BBA has become the most daring global car company to spend money during the epidemic:
For example, Daimler announced in July that it would invest 900 million yuan in China power battery manufacturer Funeng Technology, and plans to hold 3% of the shares; Continue to promote the layout of 9 battery factories in 7 cities on 3 continents. ...
For example, BMW spent 2 billion euros and signed a long-term supply contract with Swedish power battery manufacturer Northvolt; Signed cooperation agreements with State Grid Electric and Alibaba; Expansion of Dadong and Tiexi Factories and Shenyang R&D Center ...
For another example, Audi also announced in March that it would set up a battery factory in Stadt, Ingall.
In the case of shrinking wallets, German auto giants know that money should be spent on the cutting edge, and they should pay more attention to financial management, cost management and fund allocation in special periods. There is no doubt that the new four modernizations are the fields they choose All in, and the two major trends of electrification and intelligence must be the most expensive fields.
BMW plans to launch 25 hybrid and electric vehicles by 2023, and the sales of new energy vehicles will exceed 7 million in 2030.
Audi plans to launch more than 30 electric vehicles in 2025, which will account for 40% of the total sales.
Mercedes-Benz plans to make pure electric and plug-in hybrid vehicles account for half of the group's sales in 2030.
The more radical the plan is, the more it needs financial support. In the first half of the financial report, BMW admitted that its investment in R&D exceeded 2.7 billion euros, which was mainly used to promote the electrification process, that is, the investment in R&D was much higher than the profit.
As a technology-intensive and capital-intensive industry, automobiles are destined to continuously export capital, invest human and material resources and continuously improve their competitiveness even in the most difficult period of the epidemic. Different from the financial crisis in 2008, we are now facing a once-in-a-century crisis and opportunity. The so-called "software-defined car" is forcing car companies to seek innovation.
The data shows that 40% (about 654.38+0.3 billion US dollars) of the M&A activities related to automobiles disclosed last year belong to the field of C.A.S.E. (car networking, autonomous driving, car enjoyment and electrification), and the related cooperation of C.A.S.E. has also increased compared with 2065.438+08.
For German auto giants, they have mastered the technical commanding heights of the fuel vehicle era. What about the next era of electric vehicles and smart cars? It depends on the efforts and pay now.
When can I get my blood back? Look at China.
In addition to constantly adding new codes and four modernizations, China market is also a key area of BBA. According to Cui Dongshu, Secretary-General of the National Passenger Car Market Information Association, China's automobile production and sales have accounted for 32% of the global total, and China, where the epidemic situation has been gradually controlled and the economy has rebounded rapidly, is becoming a lifeline for multinational automobile enterprises.
AlixPartners, a global consulting firm, predicts that the annual sales volume of China's automobile market will reach 22.5 million this year; Followed by the American market, it is expected to reach 6.5438+0.36 million; The European market is the hardest hit area in some areas, and the estimated sales volume is only 65,438+0,465,438+10,000 vehicles.
From the perspective of BBA, the sales volume of the three companies in China in the first half of the year all exceeded the 300,000 mark, showing stable performance. From the macro environment, even in the cold winter and epidemic situation of the automobile market in 2065 438+08-2065 438+09, the luxury car market has always been a bright color of the automobile market, not falling but rising.
According to the association's data, China produced 230,000 luxury cars in June, a year-on-year increase of 37%. The retail sales of luxury cars increased by 27% year-on-year, and the market share reached a record high, reaching 14.9%. This indicates that luxury car brands are increasingly inseparable from China. Look, DS has repeatedly said to the China market: Never give up China; Acura English finidi loves when he is tired; Lincoln is accelerating domestic production. ...
Although these luxury brands in the second, third and fourth lines have not had a strong impact on BBA, under the circumstances of insufficient competition and rapid changes in the industry, life is definitely not as comfortable as before. The losses in the first half of the year are sounding the alarm, so turning losses into profits in the second half of the year will be the most important topic for BBA. (Text: Pacific Auto Network Zeng Huijun)
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