The restructuring of the automotive industry is set to be one of the most dramatic events in the Year of the Rat. According to the "Automotive Industry Policy," the government aims to consolidate the sector by nurturing no more than three to four major automobile groups, focusing on market share and revenue growth. This policy marks a clear shift toward creating stronger, more competitive national players.
This strategic move is also the foundation for the full integration of Nanjing Auto, signaling that the Chinese auto industry—led by state capital—is entering a new phase of consolidation, driven by both industrial policies and market forces.
One of the most anticipated developments is the merger of Dongfeng with Hafei. Currently, six major auto companies are directly under the State-owned Assets Supervision and Administration Commission (SASAC): FAW, Dongfeng, Hafei, Changhe, Shenfei Hino, and Xi'an Xiwo. Alongside Changan Automobile, which is part of the Ordnance Equipment Group, there are seven key players. Among them, only FAW, Dongfeng, and Changan rank among the top 10 in terms of strength.
Dongfeng has already taken steps to expand its influence, not only by acquiring PSA but also by building a base for its own-brand sedans. Changhe may soon follow as part of this integration strategy.
Unlike FAW, Dongfeng has a large number of joint venture partners, including a partnership with Nissan. This has led to internal discussions about the need for greater self-reliance in brand development. As national policies evolve, the lack of a strong domestic brand is becoming a critical issue affecting Dongfeng’s long-term competitiveness.
After absorbing Hafei, Dongfeng can leverage Hafei’s existing resources, including its Shenzhen base, to strengthen its own passenger car lineup. It can also integrate technologies from its joint ventures into its core capabilities, enhancing its overall technical edge.
In 2008, several major integrations are expected to come to light, including the merger of Beiqi and Fuqi. According to reports, at least a year and a half ago, Ling Yuzhang, then president of FuChang, mentioned the potential collaboration between Fuqi and Beiqi during a conference of the Fujian Science and Technology Association. He noted that both companies had benefited from the support of former leaders and had strong human connections.
Moreover, industry analysts suggest that Fuqi has deep ties with Mercedes, Chrysler, and even Mitsubishi, both in terms of technology and investment. With the Beijing auto industry being positioned as a key economic pillar post-Beijing Olympics, cooperation between Fuqi and Beiqi is likely to accelerate significantly in 2008.
Although the number of central SOEs that can be promoted may be limited, the trend is clearly moving toward greater collaboration. This is now widely accepted as the way forward for the industry.
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