GAC GROUP(SH:601238) Guo Ji Jin Rong Bao·2025-09-25 15:56Group 1 - GAC and Huawei are accelerating their collaboration with a new brand "Qijing" set to launch two high-end models priced around 300,000 yuan, with a mid-large pure electric sedan debuting in Q2 2024 and an SUV in Q3 2024 [2] - The partnership aims to leverage "GAC manufacturing + Huawei intelligence" to capture a share of the 300,000 yuan new energy vehicle market [2] - After a previous attempt to develop a mid-large pure electric SUV was halted in 2023, GAC shifted to independent development while Huawei took on a supplier role [2][3] Group 2 - GAC is undergoing a transformation due to sales and performance pressures, initiating a three-year "Panyu Action" in 2024 to adapt to industry changes [3] - A strategic cooperation agreement was signed between GAC and Huawei in November 2022, focusing on deep collaboration in smart vehicle product development, marketing, and ecosystem services [3][4] - The establishment of Huawang Automotive Technology (Guangzhou) Co., Ltd. marks the formal launch of the GH project company, under which the "Qijing" brand operates [4] Group 3 - The collaboration model between GAC and Huawei is unique, combining elements of the HI model and the smart selection car model, ensuring Huawei's influence throughout the product lifecycle while maintaining GAC's brand independence [5] - GAC Aion plans to invest 600 million yuan into Huawang Automotive, which will utilize Aion's production capacity for vehicle manufacturing [5][6] Group 4 - Huawang is enhancing its channel development with a "40-city blitz" strategy, establishing user centers and experience centers in key cities across China [6] - Despite signing 40 city dealers, the actual progress in store openings is slow, with some dealers expressing hesitation due to the need for separate channels and high investment requirements [7] Group 5 - The 300,000 yuan price segment is becoming increasingly competitive, with several models like Tesla Model Y and Li Auto L6 achieving significant sales [8] - Upcoming changes in government subsidy policies for new energy vehicles priced above 300,000 yuan may increase purchase costs, presenting challenges for Huawang [8]