Honda, Guangzhou Auto Chase GM-SAIC 本田广汽“理念”将上市

There’s some interesting news coming out of the auto sector, where the Everus, the first car jointly developed by Honda (Tokyo: 7267) and Chinese partner Guangzhou Auto (HKEx: 2238) for the China market, has just begun rolling off production lines. The launch follows GM’s (NYSE: GM) huge success with its Chevy Sail, a car it developed for China with local partner SAIC (Shanghai: 600104). Just a year after that launch,, the Sail, which sells for as little as $8000, has been selling like hotcakes in China and is even being exported in significant numbers to South America. (English story) Honda and Guangzhou Auto must like what they see and are certainly looking to follow in GM’s footsteps. This approach, in my view, makes much more sense than some Chinese automakers, like Geely (HKEx: 165) and BAIC, who want to export to Western markets where the competition is fierce. Chinese automakers have the best chance for success when they do what they know best: making cheap cars for price-sensitive consumers in developing markets.

Bottom line: Honda and Guangzhou Auto’s new Everus, a car developed just for China, represents a smart step that will yield healthy rewards in the next 1-2 years.

本田汽车<7267.T>与其中国合作夥伴广汽集团<2238.HK>合作为中国市场开发的新车型”理念”刚刚下线。显然，这一车型瞄准的是通用<GM.N>与上汽<600104.SS>合作开发的雪佛兰赛欧。自从一年前上市以来，最低价格只有 8,000美元的赛欧在中国热销，甚至出口到南美等市场。看来，本田和广汽对赛欧的成功艳羡不已，希望以”理念”迎头赶上。在我看来，这种策略比吉利<0165.HK>和北汽等本土车企试图向竞争激烈的西方市场出口要聪明多了。中国汽车企业最拿手的、最容易成功的就是为发展中市场那些对价格敏感的消费者生产物美价廉的汽车。

一句话：本田与广汽推出”理念”是适应中国国情的聪明一步，在未来1-2年内将获得丰厚回报。