2023 is the most volatile year in China's auto market, and the first battle will be fought from the beginning of the year to the end of the year. Due to the generally low penetration rate of new energy, joint venture auto brands generally performed poorly in 2023. In the past year, under the extremely severe market situation, GAC Toyota has delivered a satisfactory answer. The ranking has risen, and the proportion of first-value models has increased significantly, and the proportion of electrified models has exceeded 30%.
In 2023, GAC Toyota's cumulative annual sales will be 901025 units, ranking among the top three in joint ventures and the top six in the industry. In the joint venture camp and fuel vehicles, it bucked the trend and stabilized its market position and fuel vehicle base. GAC Toyota's market share of gasoline vehicles increased from 3 in 20209% increased to 6% in 2022 and 6% in 20235%, ranking among the top three joint ventures.
The joint venture does not mean backwardness, it has maturity and stability, and it also has the tenacity of being a latecomer. With 8 million users and profound brand accumulation, GAC Toyota has a solid product foundation, accurate market segment positioning, perfect sales structure, and forward-looking electrification layout, which are not comparable to cutting-edge car companies, and also consolidate the "stable" foundation of GAC Toyota.
One of the keys to the stabilization of the foundation is the continuous hot sales of GAC Toyota's first-value models. In the sales volume in 2023, GAC Toyota's annual sales of more than 200,000 ** value models, including the three flagships (Sena, Highlander, Camry), Weisa and Veranda, have reached 401476 units, accounting for 446%。
The three flagship models Camry, Highlander and Sena sold 375515 units throughout the year, accounting for 41% of the total models7%, such a high proportion of flagships is unique in the joint venture camp, and it is also very rare in the automotive industry. This move fully demonstrates GAC Toyota's strong competitiveness in the high-end market, and is also an excellent embodiment of GAC Toyota's accurate grasp of market demand and product strength.
In just 17 months, the company achieved cumulative sales of 100,000 units, making it the fastest hybrid MPV to achieve 100,000 sales. The cumulative sales volume in 2023 will be 76,575 units, a year-on-year increase of 41%；Highlander sold 73,437 units throughout the year, maintaining its position as the king of SUVs in the market segment; Camry has maintained a monthly sales of 20,000 yuan for a long time, with annual sales of 225503 units, and sales of models above 200,000 yuan accounting for 468%, sitting on the B-class car sales champion for three consecutive years.
GAC Toyota's popular models have blossomed in major market segments, developed comprehensively and maintained hot sales. GAC Toyota's sedans and SUVs have developed in a balanced manner, with annual sales of 375731 sedans and 448719 SUVs of the SUV family, which has increased GAC Toyota's ability to resist risks in the market.
In the compact SUV market, the cumulative sales volume of Fenglander has exceeded 280,000 units in just over a year after its launch, reaching 183173 units in 2023, and sales of more than 20,000 units for many consecutive months, successfully ranking among the top camps in the joint venture compact SUV market.
The performance of mid-size SUVs is also outstanding, with sales exceeding 10,000 units for 9 consecutive months, and the cumulative sales volume for the whole year reaching 143784 units, becoming the word-of-mouth choice of the joint venture mid-size SUV market.
At present, GAC Toyota's cumulative HEV sales have exceeded 1 million units, becoming the first company in China to achieve this milestone. With the popularity of HEVs, GAC Toyota's electrification penetration rate has increased year by year, reaching 32 in 20232%。
As a pioneer and leader in China's hybrid market, GAC Toyota has been the first to introduce dual-engine models in 2010, and has ranked first in HEV sales, proportion and market share for 13 consecutive years, with more than 20,000 patents for intelligent electric hybrid dual-engine technology, becoming the world's highest technical barrier.
In the past few decades, joint ventures and independent automakers have both competed and cooperated in the Chinese market, and have jointly expanded the pie of China's auto market through competition and cooperation.
Over the past 19 years of taking root in the Chinese market, GAC Toyota has formed the ability of "local development" in terms of talents, resources, and advanced chains, adapting to and meeting the needs of the Chinese market in an all-round way, and making localization more open and thorough. By promoting in-depth cooperation and mutual trust between shareholders and integrating global high-quality resources, we practice "making good cars for China" with the in-depth integration model of "1+1>2".
Since its establishment, GAC Toyota has built five world-class automobile factories in China through strong capabilities and stable operation. By promoting more than 40 upstream and downstream businessmen to form the first 100-billion-level automobile industry cluster in Nansha, Guangzhou, we will build a complete automotive industry chain, drive the smooth operation of the industrial chain and the first chain, and contribute to the construction of a world-class automobile industry highland in the Greater Bay Area. The company has created a cumulative industrial output value of trillions of yuan, and has paid more than 200 billion yuan in taxes.
In response to the substantive requirements of the implementation of the "dual carbon" strategy, GAC Toyota also has the courage to take responsibility. As of 2023, GAC Toyota's cumulative total investment in environmental protection has reached 11400 million yuan to create a green and low-carbon sample of car companies.
Under the guidance of the three strategies of "comprehensive high-end, all-round electrification, and all-field technology", GAC Toyota has actively expanded the field of new products from R&D and manufacturing to channel marketing, and the company's combat power has continued to evolve.
In the face of the battle for electrification technology routes, GAC Toyota pursues a comprehensive electrification product layout. At present, GAC Toyota has the most complete technical path for electrified models, covering the four major tracks of hybrid (HEV), plug-in hybrid (PHEV), pure electric (BEV) and hydrogen electric (FCEV), forming an "all-round electrification layout".
GAC Toyota is the first domestic joint venture car company to enter the "hydrogen track". With a comprehensive range of 781 kilometers, the second-generation mirai, which was imported in the form of imports, brings a new "hydrogen travel" experience to domestic users.
GAC Toyota's new energy vehicle brand Bozhi, which will be released in 2023, will perfectly integrate GAC Group's new energy technology and ecological advantages with Toyota's next-generation electrification technology. Two new all-electric models will be launched in the next three years.
At present, GAC Toyota's electrified model penetration rate has exceeded 30%, and has achieved comprehensive coverage of the sedan, SUV and MPV market segments, with a rich product matrix and a variety of model choices. According to GAC Toyota's plan, electrified models will account for nearly 60% of sales by 2025 and 100% by 2035.
In terms of intelligence, GAC Toyota has also made rapid progress. With the T-Pilot intelligent driving assistance system, Toyota Space intelligent cockpit, and Toyota Connect intelligent interconnection, it provides users with a high-fun, truly intelligent, and anxiety-free driving solution, and realizes the standard equipment of all entry-level models. GAC Toyota, Toyota China, and Pony.ai are also steadily advancing their L4 pure electric driverless robotaxi cooperation.
In the next three years, GAC Toyota will reconstruct the competitiveness of new energy from the full dimension of brand, technology and product in response to the needs of intelligence and electrification, relying on the technical advantages of GAC Group in the field of intelligent networked new energy vehicles, integrating Toyota's century-old lean quality and next-generation electric technology, aiming at the needs of intelligence and electrification, and using "point-point" precision innovation to reconstruct the competitiveness of new energy from the full dimensions of brand, technology and products, so as to realize the "double advancement" of electrification and intelligence, and continuously expand GAC Toyota's own "first-class library" and "toolbox", without fear of industry involution. GAC Toyota can easily "break the roll".
Facing the future, GAC Toyota not only has the strong strength of "leading by quality and intelligence, and advancing together with oil and electricity", but also has the layout of "flagship re-evolution and intelligent and electric double advancement", laying a solid foundation for the steady development of the enterprise. No matter how the market "rolls in", I believe that GAC Toyota's 2024 report card of "the strong will always be strong" is still worth looking forward to. (ENDS).