In the face of the constantly missing dividends, Toyota’s “stubbornness” has begun to waver.
Is the German car still a Japanese car? This is the most classic multiple choice question in the Chinese auto market. Buying the public or buying Toyota is the core of this topic.
Toyota, which has been crushed by the masses in the Chinese market, has finally begun to “reverse”, and the industrial map and capital map have expanded. In the face of the constantly missing dividends, Toyota’s “stubbornness” has begun to waver.
Betting and mixing failed
Prius – As the world’s first hybrid car, Toyota has set off a wave of new energy industries. From 1997 to 2019, it is undeniable that the Prius once dominated the new energy vehicle market, but the 22-year-old Prius is no longer young. The rise of Tesla and the new power of the car has passed the test of the market and basically completed the Prius. Alternative.
According to public data, Toyota Prius sold only 5,547 vehicles in the United States in January-April 2019, while the Tesla Model3 sold 32,475 vehicles.
Toyota’s vision for new energy vehicle technology development is from hybrid power to hydrogen fuel cells. But currently, pure electric new energy technology is taking the helm of the global new energy vehicle market. Although Toyota has said that plug-in hybrid, pure electric and the development of hybrid fuel and electricity is not contradictory. Hybrid technology has always been the core technology and advantages of Toyota’s new energy vehicles. The use of batteries, motors, and electronic control related technologies in plug-in hybrid, pure electric and hybrid vehicles is also fostered through the development of hybrid technology. from.
However, the “decline” of the Prius also means that Toyota’s new energy technology route needs to be updated to a certain extent, especially in the field of pure electric vehicles.
Despite data, in the European market, hybrid vehicle (HV) sales increased by 3% to 980,000 units, and hybrid vehicles accounted for 47% of new car sales, more than 39% in Japan.
However, it needs to be recognized that as the most heavily-respected US market, the Japanese market, and the European market where hybrid vehicles are selling well under environmental pressure, the market size has become saturated, making it difficult to provide Toyota with new Sustainable profit growth point.
According to Toyota’s 2018 financial report data, Toyota’s fiscal year 2018 (April 2018-March 2019) revenue of 30.2 trillion yen, equivalent to 1.85 trillion yuan, an increase of 3%, net profit of 1.88 trillion days Yuan, equivalent to RMB 115.5 billion, a year-on-year decrease of 24%, the highest decline in nearly five years.
If Toyota’s growth has already encountered bottlenecks, then the Chinese market is the bottleneck of Toyota.
Toyota Group sold 10.52 million new cars worldwide in 2018, an increase of 2.2%; among them, sales in the United States reached 2.43 million; Japan sold 1.89 million; while China sold 1.475 million. Compared with Volkswagen, Ford and other car companies, Toyota’s sales in China is really unsatisfactory.
Is it too late for Toyota to make up for it?
Toyota’s Chinese ambitions and daily expansion have not only begun to shift its business focus to the Chinese market. According to the plan, Toyota will set the global sales target of 2019 to 10.76 million units, which is 1.6% higher than the global sales volume in 2018. China’s sales volume is expected to increase by 8% to 1.6 million units; more through the injection of technology and capital. “Offensive” the Chinese market from more dimensions.
Toyota Victoria “new”
From the point of view, Toyota’s power in the field of pure electric power is not unrelated to the outbreak of China’s new energy vehicle market.
In 2015, China overtook the United States to become the world’s new energy first market. In the following 2016, BYD’s new energy vehicles broke through the 100,000 mark, and BAIC New Energy continued to exert its strength in the field of pure electric vehicles.
As a result, the development route of China’s own-brand cars “changing lanes and overtaking” has gradually become clear. Driven by the policy dividend, the new energy automobile industry is developing rapidly. At that time, Toyota is experiencing a decline in performance, and it is an indisputable fact that the business lacks new profit points. To this end, Toyota has to change its course and establish an EV (Pure Electric Vehicle) Business Planning Department at the end of 2016. Earlier, Toyota China executives also told the media that the move to pure electric vehicles is related to China’s market and environmental protection policies. Since then, Toyota has been making frequent efforts in the pure electric new energy vehicle industry chain.
According to public data, Toyota and Matsushita have begun to discuss the possibility of a square battery business in December 2017. On January 22, 2019, there was a further update at this time. Toyota Motor and Matsushita Electric Co., Ltd. today signed a business contract and joint venture contract for the establishment of a new company for the new energy vehicle square battery business. The two companies will set up a joint venture company by the end of 2020 to be responsible for the square lithium battery and all solids for new energy vehicles. Research, development, production technology, manufacturing, procurement, acceptance of orders, management, etc. of batteries and next-generation batteries. The capital contribution ratio of the joint venture company is 51% for Toyota Motor and 49% for Matsushita Electric.
Toyota, which is “stubborn”, chose to open this time. In the choice of battery partners, Panasonic has not become Toyota’s “only”.
Toyota Motor Corporation announced on June 7 that it will cooperate with global battery manufacturers to cope with the rapid growth of electric vehicles, and cooperate with Chinese battery manufacturer Ningde Times and BYD in battery supply and development, and also in the battery supply field with Panasonic and Toshiba. Allied.
At present, the Ningde era has become the world’s power battery leader, and its hand-held orders cover many internationally renowned car companies. It is not difficult to see that Toyota has an urgent desire to accelerate local production in China.
In addition to its upstream supply chain, Toyota also announced its plans for the pure electric vehicle market. According to Toyota’s previous targets, Toyota plans to increase the annual sales of electric vehicles to at least 5.5 million units by 2025, equivalent to half of the company’s total global sales. Hybrid and plug-in hybrids will account for 4.5 million, and fuel cells and pure electric vehicles will account for more than 1 million.
As Toyota’s most important joint venture partner in China, GAC and Toyota’s investment in new energy related industries is also overweight.
Guangzhou Automobile Group issued the “Announcement on the Investment and Construction of GAC Toyota and Guangfeng Engine Projects” in May. The announcement shows that the board of directors agreed to the first phase and the second phase of the construction of the new energy vehicle capacity expansion project of GAC Toyota. The total investment of the two phases is 400,000 units/year. It is planned to be completed and put into operation in 2022, with a total investment of 11.33 billion yuan. In addition, it agreed to the implementation of the TNGA series engine construction project of Guangfeng Engine. The project construction scale is 432,000 units/year, and the plan is to be completed in 2021. The total investment of the project is 3.73 billion yuan