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Changan Performance Forecast: Loss of RMB 1.9-2.6 billion in the first half of the year

By Xiao Ying Aug 02, 2019

On July 15, Changan Automobile released its forecast for the first half of 2019. It is estimated that the net profit attributable to shareholders of listed companies from January to June 2019 will be RMB-2.6 billion to -1.9 billion yuan, down more than 200% year-on-year. Changan automobile analysis said that the decline in sales is the main factor affecting overall performance.

Chongqing Changan Automobile Company Limited

Semi-annual performance forecast for 2019

The Company and its Board of Directors hereby ensure the authenticity, accuracy and integrity of the announcement and ensure that there is no false representations, misleading statements or material omissions.

I. Current performance forecast

Performance forecast period: January 1, 2019 to June 30, 2019

Expected operating performance: loss

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II. Pre-audit of performance forecast

This performance forecast has not been pre-audited by certified public accountants.

3. Description of performance vibration fluctuation cause

During the reporting period, the company's overall performance declined, mainly due to the decline in sales. 

In the first half of this year, Changan Automobile sold a total of 825,000 new vehicles, down 31.7% year-on-year. In terms of specific brands, in the first half of the year, Changan's various brands suffered a sharp decline, and Changan Ford saw the largest decline, reaching 67%. The Changan brand sold a total of 392,000 vehicles, down 26.1% year-on-year. The trend in the first half of the year shows that in the cold environment of the overall car market, Changan's sales in 2019 are facing great pressure.

In order to seek a breakthrough in sales, Changan Automobile is actively laying out new energy automobile business. In October 2017, Changan Automobile released the "Shangri-La Project" and established Changan New Energy Automobile Technology Co., Ltd., planning to transform the new energy field comprehensively.

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 Changan CS15EV

According to the Shangri-La Project, in 2025, Changan Automobile will completely stop selling traditional fossil fuel-driven vehicles and realize the electrification of full-spectrum products. In 2025, Changan expects new energy vehicles to account for 25% of sales and 60% in 2030. Before 2025, Changan Automobile plans to invest 100 billion yuan in the industrial chain, with a total of 21 pure electric products and 12 plug-in hybrid products.

The new energy sales target of Changan Automobile for 2019 is 765,50 vehicles. From January to June, Changan sold a total of 29,000 new energy vehicles, achieving 40% of the annual sales target. Regarding the sales performance of Changan Automobile in the second half of the year, we will continue to pay attention. (Text/Autohome Xiaoying)

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