Domestic and foreign automotive industry re-settles the tide of reorganization

Following the successful cooperation between Guangzhou Automobile and Changfeng, the news of the reorganization of the automobile once again rang through the global automotive industry. Recently, Volkswagen and Porsche reached a definitive agreement. Volkswagen will acquire a 42% stake in Porsche’s automotive division at a price of approximately 3.3 billion euros (US$4.71 billion). At the same time, Sichuan Tengzhong Heavy Industry stated that it will acquire Hummer in September. "In order to work hard and fight well," in the face of rare opportunities in the international market, the auto industry at home and abroad has made an indiscriminate choice: restructuring, will it be a preparation for changing the global auto industry?

Acquisition of Porsche Volkswagen impacts first in the world

While other auto giants may choose to “slim down” or opt to retire, Volkswagen acquires 42% of Porsche’s auto sector at a price of approximately 3.3 billion euros (US$4.71 billion), and Porsche will officially become the first of the Volkswagen Group. Ten vehicle brands.

According to foreign news, Volkswagen's CEO Martin Wendeng will become CEO of Porsche’s automotive division and will formally take office on September 15th; Volkswagen’s Chief Financial Officer Hans Diat Bosch will serve as the division’s CEO. Chief Financial Officer. Wendeen said that the combined company's operating profit will increase by 700 million euros (about 950 million U.S. dollars) each year, annual sales will reach 6.4 million, and the total number of employees worldwide will exceed 400,000. He promised to keep Porsche’s production bases.

Volkswagen and Porsche respectively issued a statement, saying that as long as all the merger conditions are met, Volkswagen will be able to completely complete the process of integrating Porsche's automotive division in 2011.

Volkswagen plans to release new preferred stocks in the first half of next year to help repay the financing needed for this transaction. Based on the transaction price, the total value of Porsche's automotive division is 12.4 billion euros (about 16.9 billion US dollars).

Executives of both companies had previously stated that the combined company will eventually surpass Toyota in terms of sales and profitability, which is currently the world's largest automaker.

Tengzhong said the Hummer deal was finalized in September

The new round of restructuring drama has been opened, it is worth noting that, in this round of restructuring, the Chinese auto industry may extend its hand abroad.

At the same time that Volkswagen acquired Porsche, the news that Sichuan Tengzhong Heavy Industries acquired Hummer came again. Tengzhong Heavy Industry officials recently stated to the public: “When we announced the acquisition offer to the outside world for the first time, it indicated that the acquisition time will be set at the end of September. This is a time node.”

Tengzhong Heavy Industry stated that due to the framework agreement that was signed at the time, Tengzhong Heavy Industry and General Motors currently entered the negotiation stage for substantive content, and it is necessary to discuss and determine the terms one by one.

Regarding the current progress in reporting to the National Development and Reform Commission and the Ministry of Commerce, Tengzhong Heavy Industry stated that the preparations for the preparation of the report are still proceeding, and that it has not been "crammed" as the outside world has imagined. "(Reporting) takes time, our internal There is a timetable for this matter. At present, the work is proceeding according to the schedule."

After Tengzhong Heavy Industry indicated that it will acquire Hummer, on the issue of whether Hummer can make it domestically, Tengzhong Heavy Industry emphasized that "the main production base will also be in the United States."

As to whether or not the future production base may be located outside the United States, it is necessary to see whether the Hummer sales in the United States and South Africa can meet market needs. "In the handover of Hummer, the smooth transition is the most important, we will retain the original base and the original team." The above sources said.
China's car restructuring forecast

The merger and reorganization of auto companies at home and abroad have begun to re-emerge. Who will fall in love with this government-driven and market-driven marriage? Who can finally love for life?

Success index: 80%

PSA and Hafei Joint Venture

On the European market, the volume of cards decreased by 14.7%, sales outside European markets fell by 2.7%, net loss was 962 million euros, and Chinese market sales increased by 13.8%. Among the series of frustrating data, the growth of the Chinese market became the most likely for PSA in the first half of this year. One of the "highlights" people are pleased with. The highlights of the Chinese market have also made PSA Philippe Varin, France’s largest and the second largest car manufacturing brand in Europe, the PSA’s “internationalization” and “globalization” priority strategy and found a clear target. The breakthrough point --- "PSA may set up a second joint venture in China!" Later, the above-mentioned person of the PSA's Ministry of Foreign Affairs revealed in an interview with this reporter that the PSA's joint venture partner in China is looking for In 2007, Hafei Motors signed a memorandum of understanding for the joint venture company.

Comments: The biggest difficulty in the current joint venture between the two companies is whether they can pass through the government sector. It is understood that after the reform of the State Council department, the Ministry of Industry and Information Technology has become the most important management department of the automobile industry, and in the Ministry of Industry and Information Technology, the most important leader in charge of the automotive industry is Miao Wei, the vice minister of the Ministry of Industry and Information Technology. However, Miao Wei just came from Dongfeng, and Dongfeng Automobile expanded its cooperation with PSA on the Shenlong project and introduced the Peugeot brand to the Chinese market. It was also the then-president of Dongfeng Motor Miao Wei and the then president of PSA. Since Folls has contributed to it, it is still difficult for the Ministry of Industry and Information Technology to approve the joint venture between PSA and Hafei.

Success index: 10%

Geely acquires Volvo

Not long ago, Geely Automobile was once again rumbling about the acquisition of Ford’s luxury car brand Volvo. According to media reports, Geely's acquisition of Volvo is not only in full swing, but Geely is also the only domestic auto manufacturer to report to the National Development and Reform Commission on the acquisition of Volvo and get a confirmation letter! The media also said that the Volvo owner Ford's board of directors will be expected to make the decision on Geely to become a major shareholder of Volvo as early as this month.

Comments: Geely's acquisition of Volvo, China's auto industry staged a snake is unlikely. In fact, Geely's own scale is not large, and the market value of crowded out is also more than 3 billion yuan, and the ransom money that Volvo has paid to shareholders is at least about 40 billion yuan. Moreover, Geely currently has many bases in the country, and there are many new cars and acquisition plans. If you are full, you will not consider overseas acquisitions unless you are crazy.

Success Index: 30%

Beiqi acquires Lifan

Although Lifan Motors Corp. recently stated that Beiqi's restructuring of Lifan is just a rumor, there is no wind and no waves. In July last year, AIG subscribed for 13.5% of Lifan Group. Lifan received 90 million U.S. dollars from it, which made Yinfanshan, chairman of Lifan Motors, who has tasted the sweetness, and strengthened its pursuit of the capital market. During the Shanghai International Auto Show, Yin Mingshan and Lifan Motors related parties all expressed their desire for listing financing on different occasions. The statement of “will sell part of the shares” disclosed an anecdote with BAIC.

Comments: Futian Commercial Vehicle has been very strong, and Beijing Automotive Group has always acknowledged that passenger vehicles are the group's shortcomings. The acquisition of Lifan Motors will make up for the shortcomings of self-owned passenger vehicles. Beijing Auto Group still needs corporate control rights. This is what Lifan Automotive is. Certainly not compromised. It is understood that Yin Mingshan once claimed that the equity-level cooperation is still at the capital level. He will not give up the brand and the right to operate the business. However, in order to complete the Dabeiqi target, BAIC Group does not rule out the acquisition of Lifan Motors by equity investment.

Success index: 50%

Guangzhou Automobile Gio restructuring

Following the reorganization of Changfeng and the holding of Fiat, it was recently reported that GAC Group will once again re-establish GIO vehicles. At present, the two parties have reached a preliminary framework agreement. "There is indeed a framework between us, but it has not yet been finalized." The chairman of the Gonow Group, Mou Xuezhong, used the term "love period" to describe the two parties at this stage. Corresponding to Gao's position, Zeng Qinghong, general manager of GAC Group, stated: “We will carry out structural adjustment and resource integration in accordance with strategic development needs, and we will choose reorganization partners to achieve greater growth.”

Comments: From the perspective of common sense, the Gonow car is not large in size at present, but it does not have the value of reorganization. Even if the reorganization is successful, it will be difficult to contribute substantial power to the development of GAC Group in a short period of time. In addition, as a state-owned enterprise, will GAC reorganize a private enterprise? In China's auto industry, there is no precedent for state-owned enterprises to restructure private enterprises.

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