Most JVs fail to complete sales target during previous three quarters

Shanghai (Gasgoo)-According to the released sales statistics, more than half of 11 JV car companies failed to complete their 75% annual sales targets for the last three quarters by the end of September, including FAW-VW, Dongfeng Nissan, Beijing Hyundai, Dongfeng Honda, Changan Mazda and FAW Mazda. Among them, although having lowered its annual sales target of approximately 40%, Beijing Hyundai completed only 70% of its annual sales target for the first three quarters. What's worse, Changan Mazda only had achieved a sales target of 46% for the previous nine months, marking the lowest sales target completion rate among the 11 JVs.

In terms of the total sales volume, the German-affiliated joint venture, FAW-VW (excluding the Audi brand) had the highest sales volume of 979,000 units among the 11 JVs with an increase of 5.7% year on year, but only completed its annual sales target of 69.7% by the end of September. Dongfeng Nissan posted the second largest sales volume to 752,000 units with a year-on-year growth of 11.8%, completing 69.6% of its annual sales target by the end of September. Nissan's best-selling model, the Sylphy had September delivery of 40,000 vehicles and its cumulative sales reached 280,000 units, accounting for 37% of Dongfeng Nissan's total sales volume.

Among the Japan-affiliated JVs, FAW Toyota, GAC Honda, GAC Toyota and GAC Mitsubishi had completed their first three quarter sales targets of more than 75%. What's worth mentioning, Dongfeng Honda raised its annual sales target twice to 700,000 units, which indicates a large growth of 17.6 % compared with the total annual sales of 595,000 units last year.

Beijing Hyundai and Changan Mazda may feel difficult to achieve their annual sales targets with time only left less than a quarter. During the previous nine months, total sales volume of Beijing Hyundai reached 560,000 units, down 27% year on year, which is the only negative growth among the 11 JVs. Meanwhile, Changan Mazda had only managed to complete 46% of its 300,000 annual sales target to 138,000 units, being the JV with lowest sales target completion rate.

It can be easily concluded from the above chart that GAC Mitsubishi and Dongfeng Renault were the winners among the JVs. With an annual target of 60,000 units, Dongfeng Renault boasted a sales surge of 269% to 53,400 units, and achieved 88.3% of its sales target, leading the chart with highest sales target completion rate. GAC Mitsubishi also performed far beyond expectations with an excellent sales growth of 199% and achieved the second highest sales target completion rate of 81%.