Changan Auto Expands European Footprint with German Subsidiary Launch
Munich, Germany – September 3, 2024 – ChanganAuto, a leading Chinese automotive manufacturer, has officially announced the establishment of its German subsidiary in Munich. This strategic move signifies the company’s commitment to deepening itspresence in the European market.
The newly established subsidiary will play a pivotal role in bolstering Changan Auto’s European operations. Beyond sales, marketing,and service, the subsidiary will prioritize customer insights, market research, technical regulations and certification, and product localization. These efforts aim to ensure that Changan vehicles are tailored to the specific needs and preferences of European consumers.
Changan Auto boastsa diverse portfolio of brands, including its own independent brands like Changan Auchan, Deep Blue Auto, Avatr, Changan Gravity, and Changan Kaicheng, as well as joint ventures like Changan Ford, ChanganMazda, and Jiangling. This comprehensive range allows the company to cater to a wide spectrum of consumer demands.
The company’s commitment to the European market is further evidenced by its strong financial performance. In the first half of 2024, Changan Auto recorded a revenue of 76.723 billion yuan (approximately $10.7 billion), representing a 17.15% year-on-year increase. However, the company’s net profit attributable to shareholders of the listed company declined by 63% to 28.32 billion yuan ($3.9 billion). This dip in profitability can be attributed to various factors, including the ongoing global economic uncertainties and the competitive nature of the automotive industry.
Despite the challenges, Changan Auto remains optimistic about its future prospects. In the first six months of 2024, the company achieved a total sales volume of 1.334 million vehicles, marking a 9.7% year-on-year growth. Notably, its independent brand new energy vehicle sales surged by 69.9% to 299,000 units, while independent brand overseas sales witnessed a remarkable 74.9% increaseto 203,000 units.
Looking ahead, Changan Auto has outlined ambitious plans to accelerate its product launches in the second half of 2024. Several new and revamped models are scheduled to be unveiled or launched, including the Changan Auchan E07, Deep Blue S05, Deep Blue L07, Avatr 07, and the fourth-generation CS75PLUS. These models are expected to further strengthen Changan Auto’s position in the European market and contribute to its overall growth strategy.
The establishment of the German subsidiary is a significant milestone for Changan Auto. It underscores the company’s unwavering commitment to expanding its global reach and solidifying its presence in key automotive markets like Europe. With its diverse product portfolio, robust financial performance, and strategic initiatives, Changan Auto is well-positioned to capitalize on the growing demand for innovative and sustainable mobility solutions in theEuropean region.
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