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2024年中国汽车并购额缩水32%至1681亿元 普华永道称中国车企仍需紧抓“智电”优势
Zhong Guo Jing Ying Bao·2025-05-09 14:13

Core Insights - In 2024, the total merger and acquisition (M&A) transaction value in China's automotive industry is projected to be approximately 168.1 billion yuan, with 528 transactions, representing a decline of 32% in value and 3.6% in volume compared to 2023 [3][4] - Despite the overall decline, strategic investments and acquisitions accounted for 53% of transactions, indicating a shift towards strategic considerations among industry investors [3][4] M&A Activity Overview - The report indicates that there were 2 transactions exceeding 10 billion yuan in 2024, totaling nearly 23 billion yuan, all from vehicle manufacturing [4] - In the sub-sectors, new energy vehicles and intelligent automotive components attracted significant capital, accounting for 23% and 30% of total transaction value, respectively [4] Transaction Trends - The automotive M&A activity has seen a shift from large and giant transactions to smaller ones, with small and medium-sized transactions gaining prominence [5] - In 2024, small and medium-sized transactions accounted for a significant portion of the total M&A activity, while large and giant transactions saw a noticeable decline [5] - The automotive parts sector dominated the M&A landscape with 404 transactions worth over 105.9 billion yuan, representing 63% of the total M&A value [5] Vehicle Manufacturing Insights - The vehicle manufacturing sector experienced a substantial decline in M&A activity, with 54 transactions totaling 47.8 billion yuan, a nearly 52% drop from the previous year [6] - The commercial vehicle sector emerged as a new focal point for investment, with a 64% increase in M&A transaction value due to the growing demand for new energy commercial vehicles [6] Strategic Investment Focus - There is a notable increase in strategic investments and acquisitions, driven by large enterprises and financial investors' long-term optimism towards new energy and intelligent connected markets [6] - The report highlights a cautious approach towards startups, with transaction frequency remaining stable compared to the previous year [6] Domestic vs. Foreign Investment - Domestic transactions dominated the M&A landscape, accounting for over 92% of the total transaction value and 93% of the total number of transactions [6] - Foreign investment interest in the domestic market has decreased due to global economic uncertainties and the maturity of the domestic new energy vehicle market [7] Global Market Dynamics - Chinese automotive companies are actively exploring overseas markets, particularly in Southeast Asia and Europe, to enhance their supply chain and gain valuable experience [7][8] - The report emphasizes the need for Chinese automotive companies to build a clear brand identity that represents national image while navigating global market complexities [10][11] Technological Advancements - Despite a slowdown in overall M&A activity, certain frontier technology sectors, such as automotive-grade chips and autonomous driving systems, remain active and attract investor interest [9] - The report notes that 34 new companies in the automotive sector went public in 2024, with a focus on smart components and electric vehicle systems [9] Standardization and Evaluation - The establishment of a national automotive evaluation system is deemed crucial for guiding domestic industry development and enhancing global competitiveness [12]