Recently, Shanghai Diesel announced that its controlling shareholder, Shanghai Electric Group Co., Ltd. (hereinafter referred to as Shanghai Electric), is negotiating with SAIC Motor to transfer all shares of Shanghai Diesel Holding's shares held by Shanghai Electric, and is reporting and communicating with relevant departments and units. Negotiate.
Previously, Shanghai Electric intends to transfer 50.32% of its shares in Shanghai Diesel's shares held by SAIC Motor or its subsidiaries. The relevant transfer price will be based on net assets, taking into consideration factors such as ROE and price-earnings ratio.
The reporter learned from relevant persons from the Shanghai Municipal Government that SAIC and Shanghai Electric are currently actively communicating with the SASAC and the Securities Regulatory Commission. Since then, they will conduct due diligence and audit evaluations. Under normal circumstances, the two parties will sign the formal end of the year. protocol.
Shangchai faces business transformation
The contact between SAIC and Shangchai began several years ago, but it has been unsuccessful. Substantial progress can be made recently. Apart from Shanghai Electric's return to A-shares, SAIC intends to increase the commercial vehicle business through component manufacturers and expand the group's production capacity.
Since many truck companies including China National Heavy Duty Truck Group, Shaanxi Heavy Duty Truck Group and Futian Automobile Co., Ltd. have their own supporting systems, they have not performed well in recent years. It is difficult for Shanghai Diesel to find strong customers in the supporting market.
At present, Shanghai Diesel produces 60,000 to 70,000 engines per year for marine engineering support. However, the auto supporting business has only about 2,000 units per year. Compared with its competitors, it is not worth mentioning.
However, Shangchai’s role in Hu Maoyuan’s creation of a commercial vehicle system is not trivial. In the past few years, SAIC Motor has grown rapidly in the passenger vehicle business. Hu Maoyuan has been adhering to the concept of building a complete vehicle and accessory system at the same time, especially the key components business related to the vehicle. In the field of passenger vehicles, SAIC's highly focused parts and components business such as powertrains, chassis, and electronic systems are currently listed in listed companies.
This is also true in the commercial vehicle sector. In Hu Maoyuan’s view, key components are the basis for SAIC’s future competitiveness. For commercial vehicles, the most important components are the chassis and the engine. At present, SAIC's commercial vehicle companies, Shanghai Huizhong and Chongqing Hongyan, all have chassis systems, and commercial vehicle engines are scarce for SAIC. Although Nanjing Automobile has always had an engine, it is mainly aimed at the existing commercial vehicles of NAC, and there is no heavy truck engine.
After Shangchai’s acquisition, the production of vehicle diesel engines will gradually exceed that of marine diesel engines. “After the acquisition of Shangchai, SAIC believes that it will certainly be able to turn losses on Shangchai’s performance based on the integration of Shangchai and increase its self-supporting ratio. This will be beneficial to both parties in the long run,†said a SAIC spokesman.
Targets for commercial vehicles to produce 700,000 vehicles per year
In recent years, with SAIC's strength and the overall profitability of the passenger car market is decreasing, SAIC Motor has started to develop a plan for commercial vehicles. "Shangqi has already achieved the first place in passenger cars and mini-cars, and commercial vehicles also must achieve the first." A high-level SAIC Huizhong revealed to reporters.
According to Hu Maoyuan’s overall layout of the commercial vehicle business, Shanghai Huizhong’s conservative goal is to achieve 50,000 vehicles by 2008. Shanghai Shenwo is strengthening the research and development of new energy buses in order to gain greater market share. Accumulatively, this number of production and sales targets will gradually reach 700,000 units around 2010, which is the ticket to becoming a global mainstream automotive company.
SAIC is currently the largest automotive company in China, but Hu Maoyuan is very clear that this is entirely supported by the Group’s strong passenger vehicle business. Compared with the production and sales volume of domestic FAW and Dongfeng hundreds of thousands of vehicles, SAIC Huizhong is too small.
The gap between FAW and Dongfeng in the commercial vehicle business has slowed the speed of SAIC Motor to become the world's leading automobile company. “In the early stages of development, we must focus on building a system. Now the situation is different.†A middle-level leader of SAIC explained to reporters. “In addition to the profitability of passenger vehicle business, SAIC Motors now expands its commercial vehicle business and devotes energy to Funds are not much."
In June 2005, when attending the foundation laying ceremony of SAIC-GM-Wuling Engine Factory, SAIC President Chen Hong made it clear that commercial vehicles are generally in the same cycle as the national macroeconomy, conforming to the trend of national development, and the cycle of infrastructure construction will follow the international macroeconomic development. This will provide opportunities for the development of commercial vehicles.
At the same time, commercial vehicles and passenger vehicles have different market cycles and can complement each other, which is beneficial to balancing the overall economic interests of the group.
SAIC's final encirclement
At the beginning of this year, SAIC and IVECO have already signed an agreement with Chongqing CNHTC -- Shanghai Automotive Group and Iveco will jointly establish a commercial vehicle investment company and acquire 67% equity of Hongyan Auto held by Chongqing CNHTC Group. Sinotruk will control the remaining 33% of the shares and build an annual production capacity of 40,000 commercial vehicles.
Chongqing Hongyan owns two brands of Hongyan and Steyr, more than 1,000 kinds of heavy trucks, and the price ranges from 200,000 yuan to 400,000 yuan. It is basically a medium-to-high end product. After the tripartite cooperation, SAIC will have a base for the production of medium and high-grade heavy trucks. In April this year, the project has been formally approved by the National Development and Reform Commission.
After completing the restructuring of Hongyan, Iveco will allow Red Rock to use Iveco's part of the vehicle technology, Iveco trademark and sell some Iveco models in China. In addition, Shanghai Automotive Group, Iveco, and Chongqing Heavy-duty Truck Group will jointly set up an engine company in the northern part of Chongqing, mainly engaged in the design, manufacture, and sales of commercial vehicle engine products.
In the acquisition of Chongqing Hongyan, although SAIC Motor owns a heavy truck business, the heavy truck is a business with “profit only, no scaleâ€, which is not enough to boost the overall business scale of SAIC's commercial vehicles.
This is also the reason why SAIC Motor’s commercial vehicle business was included at the beginning of September this year when SAIC signed a cooperation intention contract with Nanjing Auto. In Nanjing Automotive's business system, Nanjing Iveco, a joint venture between Iveco and Yuejin Group, is now mainly engaged in the production of light, medium and heavy-duty trucks, light passengers, passengers and large passengers.
Chongqing Hongyan plus Nanjing Iveco, if we count the Huizhong Istaner midsize bus and the Shenwo bus that SAIC already owns, SAIC's commercial vehicle business system will have a basically complete product line.
According to SAIC Motor’s own estimation, SAIC Motor’s production and sales capacity for commercial vehicles can reach 130,000-140,000 vehicles after completion of this series of acquisitions and layouts. It is only 300,000 vehicles from FAW's annual production capacity of 170,000 units. .
In order to further complete the backward commercial vehicle business, as early as June 4, 2007, SAIC has publicly announced that it will invest 210 million yuan to establish a commercial vehicle technology center within five years. Before that, the commercial vehicle division of SAIC has been established. .
View related topics: SAIC commercial vehicle expansion
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