中国造，世界销 跨国车企出口力度拉满

Core Insights - The establishment of Nissan Import and Export (Guangzhou) Co., Ltd. marks a significant milestone for Nissan's operations in China, being the first joint venture vehicle import and export company set up by a foreign automotive brand in China [2] - The shift of multinational automotive companies to use China as an export base reflects a strategic transformation in the global automotive industry and highlights the enhanced comprehensive strength of China's automotive sector [2][10] - The transition from "Made in China, Sold in China" to "Made in China, Sold to the World" is revitalizing the production capacity of multinational companies in China and facilitating China's evolution from a major automotive manufacturing country to a strong manufacturing country [2] Industry Trends - The Chinese automotive market has entered a phase of stock competition, with domestic brands gaining market share at the expense of foreign and joint venture brands, leading to a decline in market penetration for the latter [3] - In the first three quarters of this year, domestic brand passenger car sales reached 14.651 million units, a year-on-year increase of 22.9%, with a market share of 69%, up 5.1 percentage points year-on-year [3] - Multinational companies are facing approximately 10 million units of redundant production capacity in China, primarily in fuel vehicle production, with capacity utilization rates dropping from 73% in 2020 to 56% in 2024 [3] Company Strategies - Many multinational companies are closing or selling their factories in China due to declining sales and overcapacity, with General Motors' SAIC-GM shutting down its Beisheng factory in Shenyang as a notable example [4] - Nissan's establishment of its import and export company is part of a broader trend where multinational companies are optimizing production capacity and turning to exports to improve operational efficiency [4][5] - The Nissan N7, developed by a local team in China, represents a significant step in Nissan's strategy to export vehicles developed in China to global markets, showcasing the feasibility of local development models [9][10] Economic Advantages - The decision of multinational companies to use China as an export base is driven by the country's complete supply chain and cost advantages, which are difficult to replicate elsewhere [6][8] - China's automotive industry has developed a highly concentrated supply chain, allowing manufacturers to find nearly all suppliers within a short distance, significantly reducing logistics and communication costs [6] - Despite rising labor costs, the overall manufacturing costs remain competitive due to improved infrastructure, logistics efficiency, and economies of scale [8] Strategic Shift - The approach of multinational companies has evolved from tactical adjustments aimed at digesting excess domestic capacity to strategic layouts that leverage China's supply chain and R&D capabilities [12] - The shift in strategy reflects a recognition of the dual value of the Chinese market, where intense competition drives innovation and a robust supply chain offers significant cost and efficiency advantages [12]