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Consumer Durables

Yulon Motor Co., Ltd.

Company Background

Yulon is a major Taiwanese carmaker and distributor. It manufactures and markets Luxgen-brand vehicles, and operates dealerships for Nissan via a joint venture in Taiwan and China. It also distributes Mitsubishi vehicles through affiliate China Motor.

The company was founded by Shanghai-born entrepreneur Yen Tjing-ling in 1953 when Taiwan was trying to establish its own automotive industry after World War II. Yulon started out making car components. After Yen died in 1981, his wife, Vivian Wu Shun-wen, took over the company. She was considered one of Taiwan's most influential business leaders before she died in 2008.

Yulon was one of the first major Taiwanese companies to expand into China in the 1990s, setting up facilities in the southern province of Fujian at a time when Chinese President Xi Jinping, then a senior Communist Party official in the region, was aggressively wooing Taiwanese investment.

Current Chairman Kenneth Yen is the only son of Tjing-ling and Wu. He succeeded Wu as Yulon's chairman in 2007. He has a bachelor's degree in business administration from Rider University in the U.S.

Business Summary

Yulon Motor Co., Ltd. engages in the manufacture and sale of vehicles and related components. It also provides multi-brand original equipment manufacturer, professional manufacturing and green manufacturing services. The company was founded by Ching Ling Yen on September 10, 1953 and is headquartered in Miaoli, Taiwan.

Financial Highlights

Dec 2021 TWDUSD
Revenue78,050.34M2,794.31M
Gross Profit20,137.74M720.95M
Operating income7,966.21M285.20M
Income before tax7,665.80M274.44M
Net income4,715.51M168.82M
EBITDA18,229.09M652.62M
Diluted EPS4.810.17
Dividends Per Share1.500.05
Total Assets323,862.77M11,705.74M
Total liabilities253,163.25M9,150.36M
Total equity52,651.86M1,903.05M
Operating cash flow-19,450.23M-696.34M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 94,107.43M 88,121.27M 85,583.27M 82,609.53M 78,050.34M
Gross Profit 19,093.21M 16,472.95M 14,409.85M 17,319.03M 20,137.74M
Operating income 1,897.02M 2,018.34M -19,973.40M 1,336.79M 7,966.21M
Income before tax 2,977.00M 2,691.77M -29,737.19M 1,691.80M 7,665.80M
Net income 2,288.30M 2,037.03M -25,030.12M 2,739.21M 4,715.51M
EBITDA 9,377.51M 10,938.40M -9,703.60M 12,105.79M 18,229.09M
Diluted EPS 2.45 2.18 -25.21 2.80 4.81
Dividends Per Share 0.91 1.05 0 1 1.50
Total Assets 258,416.50M 319,860.55M 313,891.54M 301,322.74M 323,862.77M
Total liabilities 179,294.95M 235,436.58M 256,810.39M 236,447.42M 253,163.25M
Total equity 70,432.15M 72,301.84M 45,836.40M 48,738.46M 52,651.86M
Operating cash flow -18,145.78M -37,795.82M -19,006.77M 9,168.68M -19,450.23M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 3,093.32M 2,922.32M 2,768.54M 2,805.59M 2,794.31M
Gross Profit 627.59M 546.28M 466.14M 588.19M 720.95M
Operating income 62.35M 66.93M -646.12M 45.40M 285.20M
Income before tax 97.85M 89.26M -961.97M 57.45M 274.44M
Net income 75.21M 67.55M -809.70M 93.02M 168.82M
EBITDA 308.24M 362.74M -313.90M 411.13M 652.62M
Diluted EPS 0.08 0.07 -0.81 0.09 0.17
Dividends Per Share 0.02 0.03 0 0.03 0.05
Total Assets 8,683.78M 10,406.36M 10,471.07M 10,723.99M 11,705.74M
Total liabilities 6,025.00M 7,659.71M 8,566.91M 8,415.09M 9,150.36M
Total equity 2,366.79M 2,352.27M 1,529.05M 1,734.58M 1,903.05M
Operating cash flow -596.45M -1,253.40M -614.85M 311.38M -696.34M

Valuation Measures

Dec 2021
PER8.68
ROA1.50%
ROE9.30%
Operating margin10.20%
Profit margin6.04%

Key executives

  • President, General Manager & Director: Chen Hsiang Yao
  • Manager, Spokesman, Head-Finance & Accounting: Wen Yi Lo

Shareholders

  • Tai Yuen Textile Co., Ltd. (18.1%)
  • China Motor Corp. (16.6%)
  • YEN KAI TAI FAMILY (6.5%)
  • YAN CHEN LI LIEN (3.4%)
  • Ho Yang Management Consultancy Co. Ltd. (2.8%)
  • The Vanguard Group, Inc. (1.6%)
  • Fan Te Investment Co., Ltd. (1.6%)
  • Dimensional Fund Advisors LP (1.1%)
  • Yen Ching Ling Industrial Development Foundation (1.0%)
  • Norges Bank Investment Management (1.0%)

Contact Details

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  • Yuhsin Motor
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  • Yulon Oversea Investment Co., Ltd.
  • China Casting Plant Co., Ltd.
  • Pac-Link Management Co.
  • Luxgen Motor Co., Ltd.
  • Yu Peng Industrial Co., Ltd.
  • Uni-Auto Parts Manufacture Co., Ltd.
  • Yulon GM Co., Ltd.
  • Tokio Marine Newa Insurance Co., Ltd.
  • Yung Han Investment Corp.
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  • Yu Ching Industrial Corp.
  • Li Ta Investment Corp.
  • Yulon Nissan Motor Co., Ltd.

Competitors

  • Hotai Motor Co., Ltd.
  • Hotai Finance Co., Ltd.
Last Updated on 4 Oct, 2022

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