**: Fast Tech 2018
Source: Qubit Author: Cao Yuan
The market value of giant car companies evaporated by tens of billions overnight, and China is to blame?
Nissan, one of the former three Japanese giants, recently publicly stated that competition in China and other markets is fierce, and lowered its full-year sales forecast.
But this downward adjustment has made Nissan's stock price **116%, the market value lost $1.8 billion (about 12.9 billion4.8 billion yuan).
Among the three Japanese giants, will Nissan be the first to withdraw?
Nissan's market value evaporated by 13 billion overnight.
Stock price**, there is a reason.
On the same day, Nissan released its financial results for Q3 of fiscal year 2023 (October-December 2023).
Although Nissan's performance in fiscal 2023 was generally good as of the end of the reporting period.
The cumulative global sales in 9 months were 2.44 million units, a year-on-year increase of 12%；Net income was 917 trillion yen (about 4,417.)9.2 billion yuan), a year-on-year increase of 22%.
In addition, operating profit is also increasing, reaching 478 billion yen (about 230.).2.9 billion yuan), with an operating margin of 52%。
However, when giving the next stage, Nissan lowered its sales forecast, expecting full-fiscal sales of 3.55 million units, a decrease of 150,000 units from the previous forecast.
Although when explaining the reasons for the downward adjustment, the company only stated that due to the fierce competition in many markets and the sales performance in the previous months, the sales volume was reduced**.
But if you look closely at how Nissan presents its sales in each market, you can see that the company is implying that we would have fared better without the Chinese market.
For example, when talking about the performance of a specific quarter, Nissan wrote: Although sales fell by 2 in the most recent quarter7%, but excluding China, sales would increase by 15% and production would increase by 13%.
Commenting on the company's sales in key markets, Nissan said that the increase in sales in Japan, North America and Europe helped offset the "challenging market environment" in China.
The poor quarterly sales performance of the co-authors is due to the Chinese market; And based on this sales performance, the sales forecast has been lowered.
But this downward revision has led to the largest decline in Nissan's stock price in 20 years.
The Chinese market is crazy, and Japanese joint ventures are complaining.
Nissan China dilemma.
In fact, it is a fact that Nissan's performance in China is getting worse and worse.
Of all the markets, sales in China are the only ones that are declining year-on-year. In Q3 of fiscal year 2023, the sales volume was 1880,000 units, a decrease of 356%。
If the car does not sell well, it is nothing more than the loss of competitiveness of the product.
Looking at the models sold by Nissan in China, the main products are Sylphy, Qashqai, Teana, etc., all of which are 100,000-200,000 yuan, focusing on economical and practical products.
In particular, the generation of the god car Sylphy, relying on reliability and durability, has gained a total of 5 million sales with 100,000 **.
However, although this kind of cheap, fuel consumption is OK, and the configuration is OK, although it can still sell well in the past, it has no right to speak now when it is put into the crazy volume of its own brand.
Not to mention anything else, BYD alone has won the pricing power of the 100,000-200,000 level market with monster-level products such as Qin 998 and Song Plus DM-i, and Sylphy and X-Trail ......None of the Nissan Chinese models can be beaten. Sylphy, the only one that can be regarded as a good seller, will shrink its sales by 12% in 2023.
The share of fuel vehicles is constantly eroded, but what about Nissan's new energy models?
One says that it is an electric hybrid is actually an e-power with extended range, and when domestic extended-range vehicles are on dozens of large batteries, Nissan is on a small battery of 2kwh.
There is almost no pure electric range, and it can only be used as a relay station for charging and discharging, shaving and filling valleys for fuel power; At the same time, it does not support high-voltage systems, and the charging and discharging power cannot go up.
Another pure electric model, Arrow, although based on a forward research and development platform, has four-wheel drive, and also has a 90kWh large battery, but it does not have a particularly outstanding performance level; At the same time, intelligent driving is still at the L2 level, and the intelligent cockpit has only reached the passing line.
It's no wonder that Nissan has been cutting prices in 2023, and the landing price of the Sylphy Classic was once less than 80,000; Arrow has dropped again and again since its listing, and the floor price in some areas is even less than 150,000, which is close to halving compared with the listing time.
Nissan China, which once contributed 30% of Nissan's sales and net profits, has now lost ground.
Nissan in China: From Bright Lights to Declines.
To say that the time when the Japanese officially entered the Chinese market, it is not too early compared with the American and German systems, and Nissan is still a relatively late player.
In 2000, Fengshen Automobile, a joint venture between Dongfeng and Jing'an Clouded Leopard, was established, and Nissan's technology entered the Chinese market first. This company is the predecessor of Dongfeng Nissan, and it is also the main responsibility of Nissan's sales in China.
However, the joint venture between Dongfeng and Nissan, as well as the official establishment of Nissan's car manufacturing plant, waited until 2003, when other brands such as Toyota, Honda, and Suzuki had either built factories or had already started production.
However, Nissan got off to a good start.
In the year of its establishment, Dongfeng Nissan sold more than 650,000 units, after a short run-in period, the production was stopped and returned, and the cumulative sales in 2005 exceeded 300,000 units, and the annual sales increased by 159% year-on-year.
Subsequently, with the continuous launch of models such as Sylphy, Qashqai and X-Trail, Dongfeng Nissan's sales continued to soar and set a new industry record by virtue of its economical and fuel-efficient cost performance, shortening the time to reach one million sales from 5 years and 3 months to 24 months and then to 12 months.
In 2015, Nissan China reached a milestone: annual sales exceeded one million. Until 2022, Nissan has always been a member of the "Million Club" in the Chinese market.
But the recession has quietly begun.
First, the three-cylinder technology killed a major sales pillar X-Trail, and when it was changed back to the four-cylinder, this once most popular SUV has lost its name.
There is also the rise of China's own brands, which is constantly pushing other Nissan models to a dead end.
The technology layout is one step late, the new energy transformation is one step late, and the step is too late to catch up, just as it was a little late to enter the Chinese market.
In 2023, Nissan will sell 79 percent in China380,000 units, down 2405%, the first time in nine years that it fell below the million mark.
But Nissan is clearly not reconciled.
After the earnings report, CFO Stephen Ma said that Nissan's goal is to stay in China and want to become a player in the Chinese market, preferably a sizable one.
So is there anyone in the comment area who is willing to support the move, how can Nissan stay in China?
Editor in charge: Luo Mu.