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May 22nd, General Motors (SH)Cargamecrypto601500) the anniversary celebration and overseas marketing summit of the Cambodian base was solemnly held in the Xigang Special Economic Zone of Sihanouk Province, Cambodia. A year later, the company's Cambodia base reached full production ahead of schedule.
In recent years, GM shares have responded positively to the "Belt and Road Initiative" initiative, seized the development opportunity of "domestic and international double cycle", and continued to promote the upgrading of international, intelligent and green industries. After successfully building the first overseas production base in Thailand, the GM Cambodia base officially opened on May 22, 2023. The then Cambodian Prime Minister Hun Sen and other leaders attended the ribbon-cutting ceremony.
It is understood that the construction of the Dixi Port Special Zone of GM's Cambodia project is not only a model project on "Belt and Road Initiative", but also the only state-level economic and trade cooperation zone between China and Cambodia that has signed a bilateral government agreement. with sound supporting facilities, preferential tax policies and convenient transportation, it provides a great advantage for the rapid construction of GM's Cambodia base. As the first project in Jiangsu Province to invest more than 100 million US dollars in RCEP member countries since the entry into force of RCEP, GM Cambodia Phase I project has a production capacity of 5 million semi-steel tires and 900000 all-steel tyres. Since it was put into production in 2023, production and sales have been booming, and orders are in short supply. Thanks to the mature experience and team capacity of the Thai base, the Cambodian base has set up a production battle team to continuously improve the level of manufacturing intelligence and optimize process technology, so as to enhance the deep cooperation of major international customers. continuously improve production capacity, efficiency and quality, achieve full production abroad in only one year, refresh the speed of the industry, and achieve the goal of "put into production that year and make a profit that year". Become the new engine of the company's profit growth.
At present, GM shares have an annual production capacity of about 13 million units in Thailand and Cambodia, making it the first tire enterprise in the industry to achieve full production of "overseas dual bases". The great success of going out to sea has brought about a rapid improvement in the company's performance. According to periodic reports, the company's net profit in 2023 increased by 1175% over the same period last year, and the company's net profit in the first quarter of 2024 reached 153 million yuan, an increase of 1270% over the same period last year, entering the "fast track" of development.
At the same time, in order to fully meet the strong demand of the overseas market, the company laid the foundation for the second phase of the Cambodia project in January this year, with a production capacity of 3.5 million semi-steel tires and 750000 all-steel tires, which is expected to be put into production in the fourth quarter. Relying on the layout advantages of Thailand and Cambodia, the company continues to accelerate the establishment of overseas key national offices and the localization of marketing services, promote product innovation, brand store construction and marketing empowerment, and continuously increase brand premium. in order to achieve high quality and sustainable development. The customer representative at the overseas Marketing Summit said, "I did not expect that GM's Cambodia base is so fast, the project has operated efficiently and cooperated tacit since the cooperation, the factory equipment and on-site management are very advanced, and the product quality and service can be trusted."
In addition, Gu Yahong, general manager of GM overseas Co., Ltd., said in his speech at the meeting that in 2024, the company's Thailand Phase II, domestic 6 million half steel tire technical renovation project and 100000 engineering tire technical renovation project are also under construction and are expected to be put into production in the second half of this year. From January to March, the company's semi-steel tire sales increased month by month, and foreign trade revenue increased by 58% compared with the same period last year, of which foreign trade sales exceeded 1 million in March, achieving a milestone. The industrial linkage and agglomeration of the three major bases of China, Thailand and Cambodia have become a potential, constantly releasing new vitality. It is worth noting that after the United States sharply reduced the tax rate on semi-steel tyres in Thailand at the beginning of the year, the United States announced on May 15 that GM shares apply a preliminary cutting tax rate of 2.35 percent, which is better than market expectations, which is conducive to further consolidating international competitiveness.
Industry analysts believe that at present, domestic tire brands are booming, tire industry production capacity is transferred to Asia, and the competitive advantage of the industrial chain is prominent. The historical development of the continuous growth of global market share has proved that internationalization is the best solution to deal with trade barriers, and Chinese tires are unstoppable. According to Smithers'"the Future of Global Tire 2024" market report, it is estimated that by 2024, the global tire market value will reach 280 billion US dollars, with an annual compound growth rate of 3.2%. Tire enterprises with forward-looking overseas multiple bases have more room for growth.
GM shares said that in 2024, the company will continue to focus on brand positioning and channel construction around the "5X strategic plan", vigorously develop new quality productivity, and implement "building three projects and tempering five capabilities". We will continue to promote the location and construction of new overseas production bases, accelerate the release of high-quality production capacity, and strive to provide safer and greener products and services for global users, and inject new momentum into the tire industry chain.