Workers assemble cars at a SAIC Motor production plant. (DING TING / XINHUA)
In the first half of 2020, China's listed car companies experienced overall operating pressure, while some highlights remained.
China's auto sales fell 16.9 percent year-on-year to 10.26 million in the first six months of 2020, according to the China Automobile Manufacturers Association.
However, the newly released half-year financial statements revealed that some auto companies achieved favorable sales results from January to June.
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SAIC Motor achieved revenue of 283.74 billion yuan (US$41.53 billion) in the first half of this year, significantly ahead of other Chinese listed car companies.
Dongfeng Motor Group achieved a year-on-year growth of 4.4 percent in revenue during that span, while Great Wall Motors had reached total assets valuing 119.4 billion yuan through the end of June, up 5.5 percent from the end of 2019.
If the auto market recovers well in the second half of the year, the full-year sales decline may be less than 10 percent.
Fu Bingfeng, deputy secretary general of the China Automobile Manufacturers Association
SAIC Motor's financial statement showed that its asset-liability ratio is beyond 60 percent and its net interest rate is 3.06 percent, which is relatively low.
SAIC Motor said it will strive to turn around sales in the second half of the year and achieve a faster sales than the average level of the Chinese vehicle market.
Fu Bingfeng, CAMA's deputy secretary general, said that from July to December, the Chinese auto market is expected to remain stable.
"And if the auto market recovers well in the second half of the year, the full-year sales decline may be less than 10 percent."
BYD achieved revenue of 60.5 billion yuan in the first six months this year, and a net profit attributable to its parent company valuing 1.66 billion yuan, up 14.29 percent from the same period of the previous year.
BYD realized a net cash inflow of 15.53 billion yuan in the first half of this year, hitting a new high. It is expected to provide a financial guarantee for its development in the second half of the year.
GAC Group and Changan Automobile achieved net interest rates of 9.04 percent and 7.94 percent, respectively, between January and June.
GAC Group reached revenue of 159.7 billion yuan in the first half of this year. Changan's revenue in the first six months totaled 32.78 billion yuan, up 9.73 percent from the same period in 2019.
Geely's half-year financial statement shows that turnover of its total assets reached 34.02 percent, reflecting a high asset utilization rate.
However, Geely is calling 2020 "the most difficult year ever", with its revenue in the first half of the year reaching 36.82 billion yuan, down 23 percent from the same period last year.
BYD models are displayed at an auto show in Changchun, Jilin province. (ZHANG NAN / XINHUA)
In the first half of the year, Great Wall Motors achieved 35.93 billion yuan in revenue. In the same period, the average price of Great Wall's vehicles has been approaching 100,000 yuan, up 8 percent year-on year, which is well above the average price of Chinese auto brands.
The cumulative research and development spending of Great Wall Motors in the first six months this year exceeded 1.2 billion yuan, a growth of 33 percent year-on-year.
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