Automobile industry mergers and reorganization or industry normal

Mergers and reorganizations may be the norm in the automobile industry in the future, whether due to policy orientation or the survival of the fittest. The target set out in the “Auto Industry Adjustment and Revitalization Plan” issued in 2009 is to form two or three large-scale automobile enterprise groups with a production and sales scale of more than 2 million units through mergers and reorganizations, and 4 to 5 production and sales scales exceeding 1 million. Automotive enterprise group. With the promotion of policies, such goals may not be difficult to achieve, but the effectiveness of the integration is worth discussing. The large scale does not mean that the competitiveness is strong.

After the introduction of the above revitalization plan, Chang'an Group integrated Hafei and Changhe, resulting in unsatisfactory results; Recently, Dongfeng shares in Fuqi Group and is expected to eventually achieve control. The effect remains to be seen.

Fufeng Dongfeng reorganizes Tencent

After five years of searching and negotiations, Fuqi Group has finally successfully married a central-level auto group.

Last week, Dongfeng Motor and the Fujian Provincial Government signed a strategic cooperation framework agreement in Fuzhou. At the beginning, Dongfeng Motor will receive a 45% stake in Fuqi Group and will enter the Southeast (Fujian) Automobile Industry Co., Ltd.; after realizing the phased goals, Dongfeng Motor will Increase over 60% equity. Both parties plan to sign a formal agreement by the end of September.

The restructuring was the second large-scale reorganization after the introduction of China's "Auto Industry Adjustment and Revitalization Plan" in 2009. According to ministries and commissions such as the Ministry of Industry and Information Technology, the auto industry will form two or three large companies with a scale of more than 2 million vehicles through mergers and reorganizations, and train 4 to 5 automotive enterprise groups with a scale of more than 1 million vehicles.

However, combined with the recent mergers and acquisitions of Ford-Volvo, Daimler-Chrysler, FAW-Tian Automobile, etc., the reorganization is not easy.

Fuqi 5 years "marriage" road

Fuqi Group was established in 1992. In 1995, it established the Southeast Motor Corporation with the "Zhonghua" automotive company owned by Taiwan Yulon. In the early stage of Southeast Auto, the company mainly produced commercial vehicles and produced two medium-sized passenger vehicles, Delica and Fulica, which were introduced by the “Zhonghua” automobile. At the beginning of the founding period, southeast automobile sales rose rapidly, but in the following years, the southeast automobile business encountered difficulties.

According to the “Twelfth Five-year Plan for National Economic and Social Development of Fujian Province” in 2011, the Fujian Provincial Government encourages Fuqi to participate in the cooperation of large companies at home and abroad, and to expand the expansion of central enterprises. Compared with Beiqi and Guangzhou Automobile Group, Dongfeng has the obvious advantage as the only central enterprise in the contact enterprise.

According to relevant materials of the Fujian Provincial Government, Dongfeng Reorganization Fuzhou Group estimated that the new investment will be approximately RMB 20 billion, the output value will exceed RMB 100 billion, and the investment in automobile-related industries in Fujian Province will be approximately RMB 60 billion. The vision for 2017 is to build Fujian Province into Million class car base.

Local Government Game Restructuring

Some industry analysts believe that the Xiamen City SASAC implemented state-owned assets transfer on the eve of strategic cooperation between Dongfeng Motor and Fuqi Group. From the capital relationship, it strengthened the position of Haiyi Group as the largest shareholder of Jinlong Automobile and was effective. Avoid competition for controlling stakes in the leading domestic passenger car group in the future.

According to informed sources close to Golden Dragon Motors, in fact, the equity change was a “product” of the game between Fuqi Group and the Xiamen City Government. Jinlong Motors will not make substantial changes internally because of this major shareholder change.

Industry analyst Yu Chen pointed out that, in fact, Fuzhou Automotive Group's auto company only South East Automotive and Jinlong Automobile to achieve profitability, Fujian Daimler, Xinlongma and other companies are at a loss.

Chang'an Integration Difficulties: Hard to Get Out of "Arranged Marriage"

After three years of integration difficulties, China Changan Automobile Group failed to realize the integration of Hafei and Changhe. While Hafei is still deep-seated as a “quagmire” of losses, Changhe has begun to seek “autonomy” in its performance.

Although China Chang’an had tried to “transmit blood” for Hafei and Changhe through technology transfer, commissioning, and other methods, this did not enable the latter to gain market competitiveness.

This "marriage arranged" was on the way and it was temporarily unfulfilled.

SAIC acquires NAC: Can it be replicated successfully?

The MG and Roewe brands are two of SAIC's own brands. Last year, the sales volume of the two brands exceeded 200,000. Within the state-owned auto group, SAIC Motor’s sales of its own-brand passenger cars are leading.

To carefully consider the sales contribution of the two brands, it is necessary to put the observation point to 6 years ago. At that time, the owner of the MG brand was Nanjing Automobile Group, not SAIC Group. After SAIC merged and acquired SAIC Group, through integration and digestion, it achieved its expected goal and provided a reference for domestic auto companies' merger and reorganization.

In addition to the new opportunities brought about by the improved auto market, the "five unification" principle put forward by Hu Maoyuan, chairman of SAIC, has also become a good baton for digesting the Nanjing Automobile Group.

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