The biggest challenge in the entire automotive industry in 2021 is the "chip shortage". Affected by this, the sales of many car companies around the world are difficult to hide their loneliness and depression, and they have not achieved the expected growth.
However, with the release of 2021 financial reports by a number of car companies, including "giants" such as Tesla and Mercedes-Benz, they have made a lot of money in 2021. Today, we will take stock of which car companies will "make money" the most in 2021?
Mercedes-Benz Group
Since the Daimler truck business has been spun off, the Mercedes-Benz Group (Mercedes-Benz) is in fact renamed from Daimler.
According to the 2021 financial performance report released by Mercedes-Benz recently, in fiscal 2021, The annual turnover of Mercedes-Benz was 168 billion euros (about 1.19 trillion yuan), an increase of 9% over fiscal 2020. The Group's net profit was 23.4 billion euros (about 165.5 billion yuan), an increase of 485% year-on-year. Excluding Daimler Trucks, net profit from related businesses, including the passenger car segment, was EUR 14.2 billion , an increase of 255% year-on-year.
It can be seen that although the total number of Mercedes-Benz passenger cars and light commercial vehicles fell by 5% to 2.33 million units in 2020 due to the shortage of chip supply in 2021, of which the sales volume of the passenger car segment fell by 5% year-on-year to 2.055 million units, Mercedes-Benz's profit still achieved very considerable growth.
According to the financial report, in the 2021 financial report, the bicycle turnover of Mercedes-Benz passenger cars increased by 26%, and the average price of each Mercedes-Benz car was 49,800 euros (about 322,400 yuan).
That is to say, despite the decline in sales, the average price of Mercedes-Benz bicycles is increasing. The reason is inseparable from the power of Mercedes-Benz high-end models. As we all know, due to the "limited" chip, last year Mercedes-Benz and Volkswagen Group clearly stated that they would give priority to the supply of high-end models.
According to Mercedes-Benz Group's 2021 financial report, the adjusted sales margin of Mercedes-Benz passenger cars and light commercial vehicles has risen to 12.7% from 6.9% in the same period last year, and high-end car series including Mercedes-Maybach, Mercedes-AMG, G-Class and S-Class, GLS SUVs and EQS have set new sales records in 2021, of which Mercedes-Maybach's monthly sales in China have increased by about 1,000 units.
tesla
As a leader in the electric vehicle industry, Tesla has gradually entered a harvest stage since the Chinese market began to be localized. According to Tesla's fiscal 2021 results, tesla achieved total revenue of $53.823 billion for the full year of 2021, an increase of 71% year-on-year. Among them, the annual revenue of the automotive business was 47.232 billion US dollars, an increase of 73% year-on-year. Gross profit in the automotive business was $13,839 million, up 98% year-over-year and gross margin was 29.3%.
What is this concept? In contrast, Toyota, which is recognized as the most profitable in the industry, only reaches 19% of the gross profit margin of its automobile business, the gross profit margin of Volkswagen Group's automobile business is 17.5%, and the gross profit margin of ultra-luxury cars such as Ferrari and Porsche is basically around 20%, and at present, some domestic new car-making forces that are optimistic about capital, such as Weilai, Ideal, Xiaopeng Automobile and other vehicle companies, although the gross profit margin is more eye-catching than these traditional car companies, but there is still a long way to go compared with Tesla.
For the full year 2021, Tesla still generated $5.5 billion in GAAP net profit and $5 billion in free cash flow, excluding $6.5 billion spent on new plant construction and other capital expenditures.
5.5 billion net profit, which is equivalent to Tesla can earn 100 million yuan per day. According to Tesla in the earnings report, Tesla has strong profitability, Model Y is the key to improving profit margins, and the localization of The Shanghai Gigafactory is also an important factor.
According to Tesla's sales data in 2021, Tesla delivered about 940,000 new cars worldwide in 2021, while the production efficiency of several gigafactories has exceeded 1.22 million. In the context of the continuous high consumer enthusiasm in the new energy market, Tesla may continue this momentum.
Volvo Cars
Like Mercedes-Benz, volvo still hit record revenues and profits for all of fiscal 2021, even though it suffered from a lack of cores. According to Volvo Car Group's 2021 financial report, Volvo's annual revenue in 2021 was 282 billion Swedish kronor (about 216.5 billion yuan), an increase of 7% year-on-year. Operating profit was SEK 20.3 billion , an increase of 138.8 % year-on-year and a margin of 7.2 %, of which the gross margin of the automotive business reached 21.4%.
We said earlier that the gross profit margin of large automobile groups such as Volkswagen and Toyota has not yet reached 20%. As a luxury car brand, Volvo's profitability can also be seen. According to the financial report, the price of Volvo Cars' bicycles in 2021 has increased slightly compared with the previous year, and the price of bicycles in 2021 is about 403,400 Swedish kronor (about 309,700 yuan).
Although the increase is not large, in the context of chip shortage, this also highlights Volvo's good profitability, and Volvo Cars is also one of the few car companies in the world to achieve positive sales growth.
It is reported that in fiscal 2021, Volvo's global cumulative sales of 698.7 vehicles, an increase of 6% over the previous year. Among them, the pure electric version of the XC40, the XC60 and the XC90 have all seen different increases. From the growth of these product structures, it can also be seen that high-end models and new energy vehicles are becoming Volvo's growth engine.
Ford Cars
Although the performance of American cars in the Chinese market in the past two years has been relatively flat, the Detroit-based car company still achieved good results in 2021.
According to Ford Motor Company's 2021 financial report data, in 2021, Ford Motor achieved revenue of $136.341 billion, up 7.23% year-on-year, and net income was $17.9 billion, an increase of 1502.42% year-on-year. After classifying Rivian's first-quarter investment income as a special project, the company's net profit before tax after adjustment was $10 billion.
In the North American market, Ford's sales exceeded 2 million vehicles, although it fell by 4%, but Ford generated revenue of $87.8 billion in the market, an increase of 10% year-on-year, and EBIT was $7.377 billion, an increase of 98.8% year-on-year. Sales have declined, but profits have grown, perhaps because Ford has prioritized production capacity to high-margin models, and the price of bicycles has increased.
The Chinese market, Ford's second most important market, sold 624,800 vehicles in the whole year, and although sales increased by 3.7%, revenue fell 20% year-on-year to $2.5 billion, with an EBIT loss of $327 million. Sales are growing but profits are declining, which also reflects that Ford may have the dilemma of "selling more and losing more" in the Chinese market.
However, it is worth mentioning that because the Lincoln brand has brought good sales to Ford after the domestic production, the Sales of the Lincoln Brand in the Chinese market exceeded 90,000 vehicles in 2021, and this is also the first time that the Chinese market has surpassed the US domestic market. Perhaps, with the continuous promotion of Lincoln's localization and the continuous launch of Ford's electrification products, Ford is expected to turn a profit in the Chinese market.
Stellantis Group
When it comes to the Stellantis Group, many people may be a little unfamiliar, but if you mention Fiat Chrysler and the French PSA Group, you may be relatively familiar with it.
In January 2021, Fiat Chrysler and the French PSA Group completed the merger to form the Stellantis Group, and the world's fourth largest car manufacturer was born.
According to the first consolidated performance report of the Stellantis Group, in the 2021 fiscal year, the Stellantis Group achieved net revenue of 152 billion euros, an increase of 14% year-on-year. Net profit increased by 179% year-on-year to EUR 13.4 billion. Adjusted operating profit was 18.011 billion yuan, an increase of 95% year-on-year. Adjusted operating margin was 11.8%. In addition, in 2021 the Group also realized approximately €6.1 billion in industrial free cash flow and up to €62.7 billion in industrial liquidity.
From the perspective of specific market structure, although there has been a decline in sales in many markets of Stellantis, revenue and profit have achieved growth. In the North American market, although the shipments of the Stellantis Group fell by 20% year-on-year to 1.82 million units, net revenue increased by 15% year-on-year to 69.7 billion euros, and adjusted operating profit also increased by 85% year-on-year to 11.36 billion euros.
In europe, the Group's sales fell 3% year-on-year to 2.86 million units, but net revenue still increased, up 5% year-on-year to EUR 59 billion, and adjusted operating profit also increased to EUR 5.37 billion.
In the Chinese market, DPCA has also achieved 100% growth, although the sales scale is still small and only 100,000 vehicles, but in the Chinese market, the Chinese market share of the Maserati brand has reached 2.7%.
Red Dot Reviews:
From the financial report data of these large automakers counted above, it can be seen that although the market sales have declined due to the shortage of chips, they have achieved profit growth in fiscal 2021.
In addition to the above car companies, including Renault, General Motors has also achieved both revenue and profit growth. At present, although Volkswagen and Toyota Motor have not yet announced specific performance levels, it can be predicted that the revenue and profit of these two international car companies are also in the growth range.