| The traditional auto industry overcapacity labor front, a foundation supporting the weaksecond-tier cities can’t support the number of automobile consumption growth, technologicalinnovation and many other issues.In recent years, Chinese government learn from foreignexperience, and gradually promote the development of new energy vehicles throughdemonstration, financial subsidies and other means.In July2012, the State Council officiallyreleased the "energy-saving and new energy auto motive industry development plan(2012-2020)," Clearly the main strategic orientation of China’s automobile industryrestructuring.This article describes the Guangzhou Automobile Group E models project,research their decisions to invest in new energy automobile production projects, and strategicoptions for the future development of the company, industrial transformation and upgrading,are of great significance.GAC E models project implemented in two phases: the first phase, in2015for theproject throughout the year construction period, because E models are developed in theoriginal model based on GA gasoline from its chassis, body structures are to follow theoriginal models. Stamping, welding, painting these three do not become part of the process,you can continue to use the original plant, put into a new assembly line, or can transform theoriginal production line can be up to production. The second phase,2016-2023business yearproject period, through scientific and rational functioning E models project will bring revenue.Operating income during the period, the analysis and comparison of competing productsbased on various types of models have been listed on the sales data, and use of the product lifecycle theory, reasonably be expected to come to E models products production and sales inthe business period.This paper describes the project profiles were analyzed to determineproduct pricing, proposed projects for E models of production and sales, governmentsubsidies, costs, internal discount rate, interest rates and other basic assumption is reasonable,the use of the data and the basis for calculating the project construction period and operationcash flow period, and to prepare a series of financial statements combine the financial theory.The use of project investment decision analysis to calculate the return on investment (ROI)was32.54%; project net present value (NPV) before tax and after tax were256.28millionYuan and156.76million Yuan, far greater than zero; Internal Rate of Return (IRR) Pre-taxand after-tax, respectively32%and27%.Followed by E models project breakeven analysis,preliminary estimates of the project viable; then select the variable E models affect the basicfinancial evaluation of the project, and then using quantitative analysis method of uncertainty and profitability of the project for testing; Finally, may face project risk analysis, givesrecommendations precautions.Conclusions are as follows: E models project opportunities outweigh the risks, the majorshareholder financial condition, able to provide adequate financial support required for theproject, the project can be expected there will be a better return. Therefore, the project caninvest. But in the course of project construction and operation, should strictly control costsand prevent various risks, provide effective protection for the project implementation. Theproject can provide a reference for the further expansion of GAC future investment in newenergy vehicle projects and operations. |
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