This time, the two “merging and reorganizing†“markets†have a very strong taste. We hope that the new model can solve the problem of integration after mergers and reorganizations. However, in front of Dongfeng Group and GAC Group, the challenge is still very large.
Last week, the auto industry was a bit busy. As the country’s key auto industry, it announced two mergers and reorganizations.
One is that Guangzhou Automobile, Zhongxing Automobile and the Yichang Municipal Government have started a new cooperation. The three parties will conduct comprehensive cooperation in the fields of auto parts and vehicle manufacturing and sales. In the future, the base will form more than 450,000 vehicle production capacities. This was also the case when GAC acquired Gonow Motors and after deploying East China, it successfully relocated its tentacles to Central China.
Another is that after many twists and turns, Dongfeng Motor finally reached an agreement with Fuqi and fulfilled its desire to expand eastward. In recent years, with the exception of mergers and acquisitions between China National Aviation Corporation and the Military Corps Group, this is the restructuring of the largest car companies in China.
It can be said that mergers and reorganizations between Dongfeng and Guangzhou Automobile also contributed to the culmination of mergers and reorganizations in the auto industry. In January of this year, the Ministry of Industry and Information Technology and Development and Reform Commission and other 12 ministries and commissions issued the "Guidance Opinions on Accelerating the Promotion of Mergers and Reorganizations in Key Industries." It is stipulated explicitly that the automobile, steel, cement and other industries should be the focus, and mergers and acquisitions should be promoted. By 2015, the industry concentration of the top 10 vehicle manufacturers will reach 90%, forming 3-5 large-scale automobile enterprise groups with core competitiveness.
Undoubtedly, the merger and reorganization of the two major automobile groups will benefit the industry's concentration and the effective use of existing production capacity resources, avoid duplication of production capacity, and is also the result of the government's encouragement of horizontal mergers and reorganizations of car companies.
At the beginning of last year, KPMG also released a survey report. In 2015, China's auto production capacity will reach 32.5 million units. The auto market will have a serious oversupply problem in 2016 and will be the most serious problem among the BRIC countries. Moreover, the relevant state management departments are constantly reminding that the development of the automobile industry must be alert to the issue of overcapacity. Last year, at the China Automotive Industry Development (TEDA) International Forum, Chen Bin, director of the Industry Coordination Department of the National Development and Reform Commission, once stated that strong market demand has stimulated auto companies to expand production capacity, and the auto industry is facing potential overcapacity risks; the auto industry organization structure is irrational. M & A is progressing slowly.
In fact, since the government released the “Industrial Revitalization Plan for the Automotive Industry†in 2009, the promotion of mergers and reorganizations in the automotive industry is a major task of the government every year. Not long ago, a report from a certain media also aroused concern, saying that the idle capacity of the automobile industry in China will reach 9 million vehicles in the next three years, and it will once again allow the outside world to pay attention to "overcapacity."
However, today's situation is that the sound of the expansion of mainstream joint ventures has continued. Last week, Shanghai Volkswagen once again announced that it will build a factory in Changsha. It will be located in South China for the first time, and will produce 300,000 vehicles in the future. This is another expansion of Shanghai Volkswagen after the plant in Xinjiang. During the Shanghai Auto Show, General Motors plans to add four additional factories from this year to 2015, which will increase China's total production capacity by 30% to approximately 5 million vehicles/year. If the time point is shifted backwards, there is a third plant of Dongfeng Yueda Kia Co., Ltd. in Yancheng City, Beijing Hyundai Plant No. 3 put into operation, the Ford plant in Chongqing expands production capacity, the Hangzhou plant in Ford breaks ground, and the third production line in Guangben is put into construction. .
Fortunately, this time the merger and reorganization of the two major groups, compared with the previous mergers and acquisitions, has a distinct "market" characteristics. Among them, Guangzhou Automobile entered the Central China this time, did not start equity cooperation with Zhongxing Automobile, but its wholly-owned subsidiary Guangzhou Automobile Passenger Vehicle will restructure ZTE Yichang Company, and set up Guangda Yichang Branch. Dongfeng Motor also did not use the administrative restructuring of asset allocation. Instead, it used the model of establishing an investment company to achieve control over Southeast Motor, forming a conditional equity transfer model.
In the past few years, and especially after 2009, with the encouragement of policies, there have been many mergers and acquisitions in the automotive industry in China, including the restructuring of China National Aviation Corporation and China Military Group, GAC Group restructuring of Changfeng Auto, and Beijing Automotive Group's merger of Baolong. Cars and so on. Among them, the reorganization of the largest central enterprise between China National Aviation Corporation and China Armed Forces Group at the time of the domestic auto companies, the integration of Changhe Automobile's problems, ignited the uproar, employees and managers hit a shot, which also led to reorganization into stagnation.
However, the two “merging and reorganizing†“markets†have a very strong taste this time. We hope that the new model adopted will break the integration problem after the merger and reorganization. However, in front of Dongfeng Group and GAC Group, the challenge is still very large.
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