PSA and Hafei are still struggling with the new CNAC in the face of "cracking"
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Beijing, Chaoyang District, Guanghua Road.
Hanwei Building, this 29-storey building is not eye-catching, in the CBD area known as Beijing's "most money", surrounded by a large number of glass curtain wall building that reflects the dazzling light.
On the 19th floor of this building, a group of people who have spoken in the northeastern accent recently came to China. If they have experience in living in the northeast, it is easy to judge them from Harbin from Harbin—this is “harbin medicine,†“Harbin,†and "Hafei" famous city. The owner of the Hanwei Mansion confirmed to the Journal that this “five-member group†was indeed from Hafei, and Hafei, the owner of the building’s PSA, “revivedâ€.
Hafei is not unfamiliar to this building, which is located in the CBD. This is not the first time they have come here. As early as February 2007, the cooperation between Hafei and PSA Peugeot Citroën (hereinafter referred to as PSA) has been advanced to the stage of signing a memorandum of joint venture company.
And two years later, it may be this humble building that will become the birthplace of a domestic joint venture vehicle company, Hafei PSA.
"Behind the scenes" Dongfeng
Although the protagonists of this incident are Hafei and PSA, Dongfeng is a name that cannot be bypassed.
PSA and Hafei's "First Love" started as early as in 2004. At that time, PSA's president, Frizzs, tried to contact Hafei on the establishment of a joint venture. In order to promote cooperation, Forsz even went to the only partner in the country. Dongfeng proposed to set up a three-way joint venture of Dongfeng, PSA, and Hafei, but it was still rejected by Dongfeng. The persistent French did not stop there. Three years later, Foerz’s successor, Stref, represented PSA. He signed with Hafei and its superior company, China Aviation Industry Group 2 (referred to as the Second Hang) Lightning. The feasibility memorandum of understanding of the portfolio company.
The industry generally believes that due to PSA's strategic misconduct, Shenlong has performed in the domestic market for many years. Dongfeng has long been resentful of this. The PSA's "one mind and two uses" move has completely angered the Dongfeng, making Dongfeng take a lot of money. Move, announced the acquisition of Hafei.
However, what the Dongfeng did not expect was that due to the reorganization of China National Aviation Industry Corporation and China Aviation Industry Corporation No. 1 into China Aviation Industry Corporation, Hafei and Changhe were eventually placed under the new China Airlines. The new CNAC has placed considerable emphasis on the automotive sector, which has caused Dongfeng’s acquisition plan to end up. The joint venture between PSA and Hafei also ran aground, but it also saved a lot of things for Dongfeng.
The first joint venture is not satisfactory
Dongfeng's "splashes" are not unreasonable. Its biggest reason is PSA's first joint venture in China and also a joint venture company with Dongfeng, Shenlong.
It should be said that Shenlong Motors, which was established in 1992, did not miss the rapid growth period of the Chinese auto market at the right time, but its market performance was always unsatisfactory. Last year, Shenlong Motors had a total loss of 29 million euros (about 280 million yuan). ). Although the first half of the year, Shenlong Automobile successfully turned losses into profits, and its production and sales reached a record high of 117,300 units, an increase of more than 13% year-on-year. However, at the same time, the average growth rate of the industry reached 25.62%. The performance of Shenlong is not as good as the Korean car companies entering the late decade. Dongfeng’s anxiety can be imagined.
PSA is the same anxiety as Dongfeng. In the first half of this year alone, PSA lost nearly 1 billion euros. In the first half of 2008, PSA’s net profit also reached 733 million euros. Relying on the decline of the traditional home of Europe, America, PSA seems to have been impossible to turn over. A good Chinese auto market is obviously the wise choice.
In the short term, since the status quo of Shenlong is unlikely to change significantly, the establishment of a joint venture, “small profits but quick turnoverâ€, would be an option for PSAs who are eager to increase their market share in China.
PSA's position also confirms this. In an interview with the Financial Times, Streep’s successor, Philippe Varan, said: “Other automakers – Volkswagen, General Motors, and Japanese manufacturers – have two in China (joint ventures), And we only have one.†PSA will set up a second joint venture in China as part of its plans to “enhance overseas sales†and challenge the industry leaders such as Volkswagen, GM, Toyota, and Honda.
The "Millennium Second" Producing MPV
In fact, these causes and effects are not the most important. It is the product that determines the future of a company. However, as can be seen from the figure, as a European company that focuses on small cars and family cars, the models available for the new joint venture companies are extremely limited. In an interview with the magazine, PSA (China) public relations official Jin Hong also said that Shenlong mainly produces passenger cars and the competition is fierce. The products introduced by the new joint venture company are certainly different from Shenlong and will not form a competitive relationship.
According to a memorandum of understanding signed by PSA and Hafei in 2007, the new joint venture will produce light commercial high-end commercial vehicles under 10 seats, which are initially identified as Peugeot 807 and Citroen C8.
At present, Citroen's C2, C3, C4, and C5 have all been put into operation or ready for production at Shenlong. Peugeot's situation is similar. In the short term, it will not “come into a competitive relationship†with Shenlong, and the models that have market demand in China will only be the Citroen C8 and Peugeot 807, which are the high-end MPV models in the same platform. In addition, the Hafei Shenzhen plant, which will become the production base of the new joint venture company, has already considered the production of medium and high-end MPVs when planning the production line. Therefore, MPV models are suitable choices regardless of the available models or production conditions.
However, in the first half of this year, the total sales volume of domestic MPVs was only 100.25 million, a year-on-year decrease of 7.98%, and the total passenger vehicle sales exceeded 4.5 million. It is not realistic to increase sales volume in such a limited-capacity market. PSA is also using two medium and high-end MPVs to enhance brand image and popularity.
In addition, PSA is also very clear, after all, Shenlong has been working in the domestic market for more than 10 years, in the future for a long period of time, they still have to rely on the east wind, but not fame and brand image is inferior to Dongfeng's Hafei.
Hafei, destined for a short period of time, cannot escape the status of the Prince Edward's escort child.
Under circumstances, it is reluctant to "bundle" the new AVIC automotive business.
In the "guess" of the media wave after wave, the new AVIC's automotive business is becoming a "farce" of "acquisition." On the one hand, the media reported that the Corps of Arms Group and CATIC are conspiring to merge. On the other hand, Hafei and Changhe stations under the China Aviation Administration have come out to “provide rumorsâ€, but it is a pity that “the tree wants to be quiet and the wind does not stopâ€.
Judging from the news obtained by reporters, the suspension of Changan’s acquisition of AVIC’s vehicles has been suspended at the top level of both parties, even by the competent authorities’ “wishful thinkingâ€.
Missing East Wind
On November 6 last year, after the establishment of "New China Airlines" (China Aviation Industry Corporation), its assets were reintegrated. On March 12 this year, China National Aviation Industry Automobile Co., Ltd. (hereinafter referred to as "AVIC") was established in Beijing.
On the day of its establishment, Li Fangyong, Chairman of AVIC Motor, once stated to the public: "China National Aviation Industry Corporation has clarified the development approach of combining self-development with international and domestic cooperation and positioning China Aviation Industry Automotive Co., Ltd. as a small-displacement automobile and new energy vehicle in China. Leader."
However, the performances of Hafei and Changhe did not show much improvement, and news of the acquisition of these two mini-vehicle companies was also reported. "Actually, last year's cooperation between Hafei and Dongfeng had only come close to the doorstep, but the emergence of the new China Airlines suspended the cooperation between the two sides." Talking about "Dongha Love," Zhang Xin, research fellow at Guotai Junan Securities Automotive Industry seems to be a bit sorry .
At that time, the general manager of AVIC Lin Zuoming thought that it would be okay to strip the car, but not only Hafei and Dongan Power could be taken away, and three (Hafei, Changhe, and Dongan Power) should be taken together.
However, Dongfeng believes that Changhe's burden is too heavy. At that time, both Hafei and Changhe were losing money. However, from a strategic perspective, Dongfeng was trying to co-locate the Northeast market through cooperation with Hafei, so the cost was higher and willing. Because the micro-car business of Chongqing Panan is already in the west, if Changhe is taken down, it does not make much sense.
“At that time, the AVIC II Group was willing and the agreement was signed.†According to Zhang Xin, “Then, after the internal integration of AVIC, after the establishment of AVIC, the matter was shelved.â€
“It turned out that FAW had also come into contact with CNAC and wanted to acquire its auto business.†Talking about the missing east wind, Zhang Xin said, “But Hafei is not willing.â€
At that time, FAW was developing its own mini vehicle project - FAW Jiabao. Hafei believes that if FAW acquires Hafei, it will transfer its outstanding assets to FAW Jiabao. "This loss is eaten." That year, Harbin Light Depot was established after FAW acquisition FAW Harbin, and now Harbin was basically "hollowed out," because the focus shifted to Qingdao.
"But if the east wind comes, they still do not contradict." Zhang Xin analyzed that, "Dongfeng's micro-vehicles are in the southwest and will not be mutually exclusive in the northeast. On the contrary, they will play a complementary role in the region."
It is understood that the previously signed agreement between Hafei and Dongfeng has been grounded, but neither party has declared the agreement invalid. The industry insiders are not optimistic about the new CNAC's expansion of the automotive business. They think that it is only a matter of time before the sale of Hafei and Changhe is just a matter of the conditions for negotiation.
West Chang'an
"Now Chang'an wants to come in. As long as the conditions given are better than the Dongfeng. For example, on the basis of Dongfeng, Changhe is also accepted. China Aviation Airlines is definitely inclined to Chang'an." Zhang Xin said, "This is beneficial to CNAC. But for Chang'an, it is a huge burden."
In recent years, the performance of Hafei and Changhe in the mini-vehicle market has been declining, and the news of “losing losses†has continued to blow out. However, in order to achieve a quantum leap, Changan does not seem to refuse to accept this "burden."
On the one hand, the goal of the Chang’an Group’s 11th Five-Year Plan is to sell more than 2 million vehicles in 2010. However, sales in 2008 were only 862,000, which is a relatively large distance from 2 million vehicles.
According to last year’s production and sales volume, Hafei and Changhe totaled nearly 400,000 vehicles, plus Chang’an’s 800,000 vehicles. The reorganized Chang’an will exceed 1.2 million vehicles. This will make Chang'an Group's eleventh five-year plan goals no longer out of reach.
On the other hand, through the cooperation with AVIC, its position in the micro-vehicle field will be on an equal footing with Wuling.
According to statistics, in the first half of this year, Wuling's mini vehicle sales were about 500,000, and its market share was about 45%. The market share of Changan mini-vehicles rose to more than 30%, but there was still a small gap with Wuling. After Hafei and Changhe, the share of Dachang’an also reached 44.2%, which is comparable to Wuling’s market share.
"Now that Changan wants to acquire the AVIC car section, AVIC will not completely reject it." Zhang Xin believes, "But for Chang'an, it is the quantity that has been expanded and the advantage is reflected in the rankings."
After “missing†the cooperation with Dongfeng and FAW, is it true that the new China National Air Lines is not at all in the face of the match from the top level?
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