用户名: 密码: 验证码:    注册 | 忘记密码?
您的位置:主页 > 每日焦点 > 经济 >


2017-08-21    来源:FT中文网    【      美国外教 在线口语培训


Trade barriers and new regulatory demands imposed by Beijing almost monthly have failed to prevent foreign carmakers from making outsized profits in China, even as the groups complain about unfair treatment.

Most large automakers make at least one-quarter — and in some cases more than half — of their profits in China, far more than the share of vehicles sold there in many cases, recent analysis shows.

That is despite policies directed at foreign car companies by China’s government, which imposes tariffs on imports of as high as 25 per cent.

The only way around these is to build plants locally, and that can only be done in a joint venture with a local state-owned company. That partner frequently does not do much more than act as a “toll man”, according to Robin Zhu, a Bernstein analyst based in Hong Kong.
绕过这些贸易壁垒的唯一方法是在当地建厂,而这只有与中国国有企业建立合资企业才行得通。伯恩斯坦(Bernstein)驻香港分析师Robin Zhu表示,合作伙伴往往不过是充当了“收费员”的角色。

Policymakers in Berlin and Washington have started to press Beijing on its restrictive regime for foreign carmakers. Beijing, in April, said it would do away with the joint venture requirement for foreign investors in the car industry, but has not given a timeline or any details.

Jim McGregor, chairman of Beijing consultancy APCO Worldwide, said carmakers were not pushing too hard. “They don’t want to rock the boat; they are making too much money here,” he said.
安可顾问(APCO Worldwide)北京公司的董事长麦健陆(James McGregor)表示,汽车制造商并没有怎么施压。他说:“他们不想多事,他们在这里赚得盆满钵满。”

While foreign groups only have a partial economic interest in their China ventures — typically 50 per cent — there are other ways for them to profit. These include licensing, royalties and sales of parts to their joint ventures, which are done at high margins.

In addition to fatter margins on each car sold, the foreign car companies are helped by China’s high growth in sales.

At BMW, for instance, first-half sales were down 4 per cent in the US and up just 2.2 per cent in Europe. But thanks to 18.4 per cent growth in China, its biggest market, overall sales rose 5 per cent.

At Mercedes, US sales were down 1.8 per cent from January to July, but China sales soared by 34 per cent. With 341,267 Mercedes sold in the seven month period, the China market was nearly double the size of the US.

Volkswagen earned most of its 2016 China profits from its local joint ventures — €3.5bn ($4.1bn). But it also earned €315m profits from vehicle imports, €1.2bn from parts imports, and €1.9bn from royalty payments, according to estimates from Evercore.

Arndt Ellinghorst of Evercore said China profits were particularly high for premium cars that were mainly imported. “They make more than double the profit on an S Class or 7 Series sold in China compared to the rest of the world,” he said.
Evercore的阿恩特•埃林霍斯特(Arndt Ellinghorst)表示,高档车在中国市场的利润尤其高——中国市场的高档车主要是进口的。他说:“在中国市场销售的奔驰S级或者宝马7系的利润是其他地方的两倍多。”

While Audi sells 31 per cent of its vehicles in China, some imports and some manufactured locally, it makes 56 per cent of its profits there, according to Evercore.

For carmakers, the sale of parts is also more lucrative than the sale of finished cars.

“You’ve got a very rich environment where the OEMs [original equipment manufacturers] can make more in China per unit than they can make in most other markets, even if you cut that number in half,” said Mr Zhu.
Robin Zhu表示:“你处于一个利润非常高的环境,代工厂商在中国每生产一辆车赚的比其他多数地方都多,即便把利润砍掉一半都比其他地方多。”

But Mr Ellinghorst said stock market investors appeared to be ignoring China.

“It seems ridiculous, but even after a decade of success in China, western carmakers’ China businesses, earnings and dividends carry zero value in stock market valuations,” he said, adding that this is particularly stark in the case of the German carmakers.

According to a poll published by the European Chamber of Commerce in China, 52 per cent of executives surveyed believed local carmakers received preferential treatment compared with foreign rivals.
中国欧盟商会(European Chamber of Commerce in China)发布的调查显示,52%的受访高管相信,本土汽车制造商与外国竞争对手相比受到了优待。

One example was car recalls: foreign brands accounted for 99 per cent of the vehicle recalls initiated by China’s General Administration of Quality Supervision Inspection and Quarantine last year, while they were 60 per cent of the vehicles sold in China during the same period.
一个例子是汽车召回:在去年中国国家质量监督检验检疫总局(General Administration of Quality Supervision Inspection and Quarantine)发起的汽车召回中,外国品牌占到了被召回汽车的99%,而外国品牌占到同期中国市场销售的汽车的60%。

The European Chamber of Commerce in China also complained in a March report that rules on producing electric vehicles could force foreign carmakers to share technology with local partners that could be stolen.

However, fat profits for now ease the pain. “They make a lot of money here so being friends with the government is necessary to be in this market. And there is limited hope of winning against a government which seems determined to push its agenda,” said Mr Zhu.
然而,目前的丰厚利润缓解了这种苦恼。Robin Zhu表示:“他们在这里赚了很多钱,因此与中国政府做朋友是必需的,这样才能留在这个市场。而且,让一个似乎决心推动其议程的政府改弦易辙的希望不大。”

手机上普特 m.putclub.com 手机上普特
发表评论 查看所有评论
用户名: 密码: 验证码:
  • 推荐文章
  • 资料下载
  • 讲座录音