Last week, the dismantling and restructuring of BAIC and Guangzhou Automobile has been finalized. According to sources, BAIC will reorganize the Daimler project in Fujian and will be used as a branch company of Beijing Benz-Daimler Automotive Co., Ltd. (abbreviated as "Beijing Benz"). The current executive team has been identified; GAC is even higher. Price, restructuring Southeast Automotive and other projects. As for how to handle the 13.52% Xiamen Golden Dragon of Fu Auto Holdings, the person did not disclose more.

"In the fastest two weeks, the first demolition and reorganization case of the Chinese automobile industry will be born and the Beiqi project will precede it," the source revealed. Previously, Guangzhou Automobile and Beijing Automobile had been engaged with Fuqi for a long time and both had hoped to restructure the Fuqi.

This will be the most complicated vehicle restructuring project in China so far. In addition to GAC and BAIC, four companies including Daimler-Benz, Mitsubishi, Chrysler, and China Motors Taiwan are involved, affecting the layout of the automobile industry in Beijing, Guangdong, Fujian and Hunan. Therefore, behind the restructuring of Fuqi, what is more flashing is the interest of Mitsubishi and Daimler.

Beiqi first

According to the above source, within two weeks, BAIC will sign a framework agreement with Fuqi for restructuring. The specific issue was negotiated last week. BAIC reorganized Fudan’s Fujian Daimler project and transformed it into Beijing. Mercedes-Benz's subsidiary. The chairman is appointed by Daimler and the general manager is sent by Beiqi.

The specific candidate for BAIC has been determined and will be served by a vice president of Beijing Automotive Investment Holding Co., Ltd. (hereinafter referred to as BAIC Investment). Industry insiders speculate that the most likely candidate is Beihai Investment Deputy General Manager Mao Hai or Zhou Yanming.

Fujian Daimler was established in May 2007 with a total investment of 249 million euros and a registered capital of 160 million euros. Among them, 50% were from Fuqi, and Daimler Light Automotive (Hong Kong) Co., Ltd. (a joint venture between Daimler Group and Taiwan Zhonghua Automobile) accounted for 50% of the shares. Project annual capacity of 40,000, the product is "Benz" brand NCV2, NCV3 series of multi-function light vehicles. Construction started in August 2007 and the first product, NCV2, was put into production in 2009.

BAIC and Daimler are the most important partners in China. They have Mercedes-Benz sedans and Foton Daimler heavy trucks. This has also become an important bargaining chip for BAIC's eventual restructuring of the Daimler project in Fujian. In addition, two other partners of Fuzhou, Chrysler and Mitsubishi, had worked with BAIC. For this reason, BAIC had hoped to purchase Fuqi wholly.

The above-mentioned sources did not disclose the specific restructuring amount, but according to industry speculation, the amount will not be too large. The analysis of the industry, Fujian Daimler project was formally completed in February this year, is still in the trial production phase, this year, the product may formally go offline. "Before, the total amount of Beijing Automobile's overall acquisition of Fuqi was set at 500 million yuan, and later it was raised to less than 700 million yuan. Therefore, the funds used for this spin-off and acquisition may be a very small number."

At the same time, the above sources revealed that the Daimler project in Fujian is almost a brand-new company. The property rights are relatively clear, there is no historical burden, and restructuring is not complicated. He analyzed that “the biggest possibility is that BAIC will directly take over 50% of the equity of Fuqi Group, and Daimler and Taiwan China will maintain the original equity ratio.”

Once the above reorganization project is finalized, Daimler will have a full joint venture with BAIC in China. Senior automotive analyst Jia Xinguang believes that this will help Daimler and Beiqi wholeheartedly work together to promote the rapid development of related cooperation projects of BAIC.

However, some people in the industry are worried that the full cooperation between Daimler and BAIC will lead Daimler, who has no other stores, to be more high-profile and strong in the cooperative, and BAIC's right to speak will be greatly reduced.

More people in the industry believe that a new project with a production capacity of only 40,000 vehicles will not help Beiqi's goal of creating 100 billion yuan worth of output and achieving 1.8 million cars. The pace of mergers and acquisitions at Beiqi will not stop. According to statistics, in 2008, BAIC Motor sold 780,000 vehicles and achieved a sales income of approximately 75 billion yuan.

Prior to this, some sources have revealed that BAIC is also working on the restructuring of several domestic auto companies at the same time, among which there are some small and medium-sized private enterprises.

Guangzhou Automobile New Bureau

According to the above sources, the framework for Guangzhou Automobile's restructuring of Southeast Auto has also been negotiated. "The key to winning is the amount of capital invested is far higher than that of Beiqi." But the specific amount of the person did not disclose.

According to statistics, Southeast (Fujian) Automobile Industry Co., Ltd. (hereinafter referred to as "Southeast Motor") was established in November 1995 and now has a registered capital of 138 million U.S. dollars. The shareholder's tripartite ratio and share ratio are: 50% for Fuqi Group, 25% for Mitsubishi, Japan, and 25% for Taiwan Zhonghua Automobile. At present, the production of "Southeast", "Mitsubishi", "Chrysler", "Dodge" and other brand models.

For GAC, the restructuring of Fuqi is an important part of its expansion plan. It is worth mentioning that through the reorganization, Guangzhou Automobile has established cooperative relations with Mitsubishi and Chrysler. At present, through the Guangzhou Automobile Changfeng Project, Guangzhou Automobile has already owned Mitsubishi off-road vehicle products. At the same time, through the GAC Fiat project, it also indirectly connected with Chrysler.

At present, Mitsubishi has not made any statement. Even if the technical cooperation agreement with Changfeng expires on June 30, only Changfeng Motor will issue announcements of due and unexpired projects. Industry insiders generally believe that Mitsubishi’s attitude is the key to accelerating GAC’s acquisition of Fugas Southeast’s auto project.

What is even more tempting is that once the acquisition of Southeast Motors is successful, GAC can link Fujian, Guangdong, and Hunan together and take the “Southeast” brand as its own brand, which is expected to increase several new projects at the fastest pace. And quickly entered the "bigger and stronger" car group.

In addition, if all goes well, the new Bureau of Guangzhou Automobile, the independent brand new two bases, foreign partners will also be present, Honda, Toyota, Mitsubishi and Fiat extended the Chrysler project. A brand new car carrier has appeared.

However, the opening of the new Guangzhou Automobile Bureau is not a smooth road. The first thing to be dealt with is the relationship between South East Automotive and Taiwan Zhonghua Auto. The current situation is that while Taiwanese China Motors is only a minority shareholder of Southeast Automotive, the business management rights of Southeast Automotive are basically owned by China Motors.

Fuqi Automobile was split and reorganized, and Guangzhou Automobile went to an increasingly deeper restructuring game. However, like Beiqi does not stop the pace of mergers and reorganization, the big curtain of Guangzhou Automobile's new bureau has only just opened. The good show is still behind.

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