长安抄底现代工厂，自主瓜分合资资产成新趋势

Core Insights - The sale of Beijing Hyundai's Chongqing factory for 1.62 billion yuan highlights the significant losses incurred, exceeding 6 billion yuan compared to the total investment of 7.7 billion yuan [1][4][7] - GAC Fiat Chrysler's bankruptcy and the subsequent sale of its Changsha factory for 950 million yuan, down from an initial auction price of 1.915 billion yuan, reflects the struggles faced by joint venture brands in the current market [1][9] Company Performance - Beijing Hyundai's Chongqing factory was once its most advanced facility, with a production capacity of 300,000 vehicles and 300,000 engines annually, but has become a burden due to declining sales [4][6] - The factory's operational challenges began in 2017, leading to a drastic drop in sales, with only 360,000 units sold in 2021, resulting in the factory's closure in December 2021 [6][7] - The factory was ultimately sold in December 2023 after multiple failed auctions, indicating a significant depreciation in asset value [7][9] Industry Trends - The decline of joint venture brands like Beijing Hyundai and GAC Fiat Chrysler contrasts with the rapid expansion of domestic brands, which are seizing opportunities to acquire idle production capacity [3][10] - Domestic brands are leveraging advancements in new energy and technology to increase market share and expand production capabilities, as seen with companies like Geely and Great Wall Motors [2][10] - The restructuring of the automotive industry in China is characterized by a shift from joint ventures to domestic brands, which are optimizing resources and expanding efficiently [3][10][15] Future Outlook - Domestic brands, such as Deep Blue Automotive, are planning significant production expansions to meet ambitious sales targets, indicating a competitive landscape focused on capacity and innovation [12][14] - Beijing Hyundai is also strategizing for future growth with a goal of 500,000 units in sales and 20 new products by 2030, although current capacity limitations pose challenges [14][15] - The industry's evolution emphasizes the need for companies to balance expansion with market realities, ensuring that production capabilities align with strategic goals [15]