Honda's joint venture company in China sold only 15,000 units in January, a 57% drop year-on-year
AshleyFeb 12, 2025, 11:02 AM
[PCauto] Honda's joint venture in China, Guangqi Honda Automobile (GHAC), has experienced a substantial decline in sales and is perceived by the local market as being on the brink of collapse.
GHAC represents a critical joint venture for Honda within the Chinese automotive sector, having achieved its peak annual sales of 806,500 vehicles in 2020, which translated to an average monthly sales figure of 67,000 vehicles. However, in January 2025, GHAC sold a mere 15,000 vehicles, marking a staggering year-on-year decline of 57%.
Currently, GHAC offers a portfolio of 11 vehicle models, including FIT, ACCORD, ODYSSEY, CITY, BREEZE, among which are two BEVs (e:NP1 and VE-1). From 2020 to 2024, GHAC has witnessed a continuous decrease in sales, prompting the company to implement workforce reductions involving 2,600 employees due to this downturn.
Industry analysts posit that this predicament stems from GHAC’s substantial dependence on conventional gasoline-powered vehicles. The period from 2020 to 2024 coincided with an extraordinary upsurge in the market for NEV within China, with the market share of NEV escalating from a mere 5.4% in 2020 to 40.9% in 2024. In contrast, the market share of Japanese automotive brands experienced a decline from 24.1% in 2020 to 12.9% in 2024, indicating a significant erosion of Honda's market presence.
From the vantage point of the Chinese automotive landscape, Honda's situation appears exceedingly precarious. The company has made multiple attempts to introduce NEV and sub-brands in the Chinese market, all of which have met with failure. Industry insiders reveal that tensions between Honda's staff and those of Guangzhou Automobile (GAC), its partner in the joint venture, are marked by significant conflicts, often culminating in disputes that undermine the effective execution of product development and marketing strategies.
Honda continues to endeavor to launch an entirely new NEV sub-brand. However, feedback from Chinese social media platforms indicates that the prevailing sentiment remains one of skepticism regarding the prospects for success.
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