Changan Automobile Officially Establishes German Subsidiary in Munich
On September 3rd, Changan Automobile made an official announcement that its new subsidiary in Germany has been formally registered in Munich. The German subsidiary will focus not only on sales, marketing, and services, but also on customer insights, market research, technical regulations, regulatory certifications, and product localization. This move signifies Changan Automobile’s deeper commitment to the European market.
In April 2023, Changan Automobile unveiled its ambitious overseas strategy, which outlines four key goals to be achieved by 2030: over $10 billion in overseas investment, annual sales of more than 1.2 million vehicles, a workforce of over 10,000 in overseas markets, and the transformation of Changan Automobile into a world-class car brand.
Recently, on August 31st, the company held a press conference in Riyadh, Saudi Arabia, for the Middle East and Africa markets. During the event, Changan Automobile’s President, Wang Jun, disclosed the strategic plans for these markets.
For the first half of 2024, Changan reported an operating income of 76.723 billion yuan, marking a 17.15% increase year-on-year. However, the net profit attributable to the shareholders of the listed company saw a decrease of 63% to 2.832 billion yuan. The basic earnings per share stood at 0.29 yuan.
The report also revealed that Changan Automobile sold 1.334 million vehicles in the first half of 2024, a 9.7% increase from the previous year. The company’s own brand of new energy vehicles achieved significant growth, with sales reaching 299,000 units, a 69.9% increase year-on-year. Furthermore, overseas sales of the company’s own brands reached 203,000 units, a whopping 74.9% increase from the previous year.
