2024 Second Quarter Automobile Industry Key Enterprise Economic Operation Exchange Meeting Held in Guangzhou

On June 17-18, 2024, the China Association of Automobile Manufacturers (hereinafter referred to as "CAAM") organized the 2024 Second Quarter Automobile Industry Key Enterprise Economic Operation Exchange Meeting in Guangzhou, which was co-organized by Guangzhou Automobile Group Co., Ltd. GAC Group, SAIC Motor, FAW Group, Changan Automobile, Dongfeng Motor Corporation, BAIC Group, and other 16 key enterprises in the industry, as well as representatives from the Guangdong Automobile Industry Association attended the meeting.

The meeting was presided over by CAAM Deputy Secretary-General Chen Shihua. He stated that the industry is changing rapidly, the scale of the automotive industry is large, and the state has paid high attention, introducing many policies to support the development of the industry. The operation exchange platform for key enterprises in the automotive industry is an important window to effectively reflect industry demands, and the enterprises present have played an active role by participating in the meeting multiple times. Currently, industry competition is intensifying, and enterprises are facing greater pressure in operation. The situation of international trade protectionism is still severe. It is hoped that while sharing their own status and difficulties, everyone can focus on introducing the next steps and make suggestions from the perspective of the overall development of the industry.

Guangzhou Automobile Group Co., Ltd. Deputy Minister of Business Management Hu Dong delivered a speech, welcoming all representatives to Guangzhou. He said that the key enterprise economic operation exchange meeting held by the association every quarter is an important platform for enterprises to strengthen exchanges, enhance understanding, and broaden ideas. GAC Group will continue to support the industry's operation work and wishes the Chinese automobile industry and the participating enterprises to be healthy and vigorous.

CAAM Director of Industry Information Department Liu Zheng introduced the current economic operation of the automotive industry. Since the beginning of this year, the economic operation of the automotive industry has started smoothly and achieved a good start, with rapid growth in automobile production and sales. Among them, passenger cars continue to grow well, commercial vehicles have a slight increase year-on-year; new energy vehicles continue to grow rapidly, with a market share stable above 30%; the export of complete vehicles still maintains a high level, playing an active role in driving industry growth; Chinese brands continue to rise, with a market share exceeding 60%. However, it is also necessary to see that the current geopolitical and trade protectionism situation is still severe, there are many uncertainties in the international market, the problem of insufficient domestic effective demand and consumer confidence is still prominent, the factory price of industrial products continues to run at a low level, supply and demand contradictions intensify the industry's "involution", and the profitability of enterprises continues to decline, and the economic operation of the automotive industry still faces great pressure.

This meeting focused on the current status of the industry operation, the main existing problems, and relevant policy suggestions, and analyzed and judged the development trend of the whole year on the basis of summarizing the current operation. Representatives of 16 participating enterprises and the Guangdong Automobile Industry Association shared their respective situations and mainly focused on in-depth exchanges in dimensions such as boosting consumption, production and operation, supply chain, enterprise investment, and international development.

At the end of the meeting, CAAM Deputy Secretary-General Chen Shihua said that from the perspective of the overall development of the industry, although the industry operation is facing certain pressures, the development prospects of the automotive industry are still broad, and everyone should have confidence in the development of the automotive industry. Many issues were reflected and some suggestions were made at today's meeting. After the meeting, the association will carefully sort out the relevant issues and suggestions, serve as the basic material for operation, and form an operation report in time to feedback to the relevant ministries and commissions.

During the meeting, the representatives also visited the GAC Aion new energy vehicle factory, further enhancing understanding. Participating enterprises have expressed that this meeting is of great reference value for enterprises to understand the current status of the industry operation and analyze the development trend of the industry. Here, we thank GAC Group for its enthusiastic reception and thoughtful arrangements, and thank all key enterprises for their long-term strong support for the association's operation work. In the future, the association will continue to strengthen communication and exchanges with enterprises, continuously deepen the operation analysis work, and promote the healthy development of the industry.

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