Every year in August, it is the most sunny season in Europe. The French who love vacations will mostly go to the Mediterranean in the south.
Philippe Varin is no exception. The newly appointed CEO of PSA (Peugeot-Citroen), who only took office for two months, did not pay attention to President Sarkozy’s “more work and more money†call in the financial crisis, even though the PSA pressured him more than ever before. It must be tough.
In a brief visit to China in early July, Walan again approached China National Aviation Industry Corporation (hereinafter referred to as “New China Airlinesâ€). At this point, before and after the cooperation between PSA and Hafei, they experienced three presidents, Furz, Streff and Walan. What will Varian face as the "terminator" of the joint venture?
Get what you want
A few days ago, the reporter got news that in September 2009, PSA will set up an auto joint venture with Hafei and its administrative headquarters is located in Shenzhen. The project will be general manager of PSA China's Project Director Pedereau.
"There is indeed this matter, which has basically been confirmed." An PSA (China) insider said in an interview with the "China Business" reporter that the two sides are now accelerating the project. "This time there will be no significant changes." (Project landing) will not be delayed too long."
According to the above-mentioned insiders, as early as mid-2008, some employees of PSA (China) had already accepted supervisor interviews, and they are expected to hold positions in various departments in the upcoming Hafei-PSA joint venture company. The Hafei project team had a dedicated office at Beijing Hanwei Building (PSA China headquarters), but changed to the PSA marketing office when the project team was disconnected. "Now, the Hafei-PSA team has started coming and going in the office. â€
However, when reporters interviewed the new China Airlines on this matter, they obtained ambiguous statements. "We have no news. This matter (joint venture project) is going to ask PSA and the new China Airlines." Zhang Xuezi, Minister of Propaganda Department of Hafei Motors Party Committee, said in an interview with a reporter from China Business Journal. Fan Yi, deputy head of the automotive division of China National Aviation Industry Corporation (a subsidiary of China National Aviation Group Corporation), said only that it was "unclear" about the joint venture.
In fact, there are indications that PSA is actively advancing its joint venture with Hafei: In early July 2009, a close to 20 working group led by Pedro PSA (China) went to the final negotiations for a joint venture between Harbin and Hafei. It also includes the docking of personnel from various departments. Sources said that the Hafei Shenzhen plant, which had previously been shut down, will also be part of Hafei’s 800 million yuan investment in the joint venture project.
In an interview with the China Business Daily, PSA (China) Public Relations Media Co., Ltd. Jin Hong said in an interview with the "China Business News, PSA (China) and Hafei project research has long been done, restart the cooperation is very easy."
Joint venture vortex
Obviously, the joint venture project between PSA and Hafei has made breakthroughs in the just-in-time Valan here. However, he still should thank the first two for two years of preheating.
As early as 2007, PSA and Hafei signed the Memorandum of Understanding on the establishment of a joint venture company to manufacture and sell light commercial vehicles under 10 seats. The light commercial vehicles produced by relying on the Hafei Shenzhen plant can complement the existing product layout of Shenlong.
At the time, in the eyes of the outside world, this was a manifestation of PSA's infidelity to Dongfeng, because during the previous 15 years, PSA had been dedicated to Shenlong and insisted that it would not seek a second joint venture partner in China. “The deep appeal of the joint venture between PSA and Hafei is very clear. It is to manufacture cars with Hafei to seek a balance with Dongfeng.†The PSA insider said.
Dongfeng obviously is not to be outdone. Since then, Dongfeng had asked the PSA to issue a written guarantee that it would not produce cars with the Hafei new joint venture, but it was rejected by Christian Streiff, then CEO of the PSA Group. As a result, Dongfeng made use of the "killer" - investing 2 billion yuan to participate in Hafei.
It is difficult to predict things in the world, when the relationship between Dongfeng, Hafei and PSA triumphed. On March 13, 2009, the new CNAC, which was established and listed, recaptured its automotive business, Hafei, and Dongfei took shares in Hafei. At that time, the new CNAC wanted to develop its auto business independently. It did not want the situation in which Dongfeng completely controlled Hafei. This gave PSA the opportunity to restart the joint venture negotiation with Hafei again.
Unlike Dongfeng, PSA only hopes to use Hafei as a partner in commercial vehicle projects, and it is not in conflict with the tightening strategy of the new CNAC for Hafei and other automotive businesses. As a result, the contact between PSA and the new China Airlines came close again: In March 2009, when Streep routinely visited China, he went to New China Airlines; four months later, the new CEO, Walan, once again negotiated a joint venture with New China Airlines.
"For the cooperation with Hafei, former CEO Steve Lev has always been more positive." The PSA (China) said insiders said that PSA had contact with Hafei for more than three years, but the joint venture project has not progressed, Strve took office three Months later, PSA signed a memorandum of understanding with Hafei. “Streive had a long history with Air China in the Airbus CEO.†From Streff to Valan, two CEOs also insisted in China. The same idea - recreating a joint venture company.
Unpredictable prospects
However, now Varan is not easy. According to the results of the PSA announced on July 29, 2009, the loss in the first half of 2009 was 826 million euros (about 1.17 billion U.S. dollars). In fiscal year 2009, PSA expects to lose 2 billion euros.
Although he hopes to start a "new life" with Hafei, what Varan will face next is not a joint venture partner with automotive business management experience. "Before the new CATIC failed to list, the main reason is that it does not know how to deal with 'carrying in the arms' in the car's assets." A person close to the new China Airlines revealed.
According to statistics from the China Association of Automobile Manufacturers, in the first half of 2009, Hafei sold more than 150,000 vehicles; in the same period, sales of Changhe Automobile totaled 73,000 vehicles. According to the new CNAC's development plan for the automotive segment, in 2013, it will strive to sell 700,000 vehicles, sell 1 million engines and generate sales of 50 billion yuan. In order to achieve sales doubling in just 4 years, the pressure on the new CNAC itself is not small.
After examining China in early July, Varan set a tone for a joint venture with Hafei. His reason is very simple. Volkswagen, Toyota and other car companies have two joint ventures in China. "And we (PSA) only have one."
However, people in the industry believe that Varan, who is a non-automotive business, is a bit extravagant. His list of Volkswagen, Toyota, etc. was the second joint venture partner after the success of the first joint venture. However, when he took office at the beginning, Varan needed to focus more efforts on solving the dilemma of Shenlong’s loss.
According to data from sources close to the PSA headquarters, in 2008, Shenlong had a total loss of 29 million euros (about 280 million yuan). From January to April 2009, Shenlong dropped 4.1%.
From the appearance, the wearing of round wire-rimmed glasses is more than French romance. However, in the upcoming work, whether or not it can change the "non-romantic" practice of PSA in China for many years is the true test of Varan.
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