The reorganization involves only the passenger vehicle Fuzhou to commercial vehicles

In the micro-growth market environment, Dongfeng Motor is planning to make an important step toward the southeast with the aid of the policy “Dongfeng”.

The reporter recently learned that Dongfeng Motor Company will sign a cooperation agreement with Fuqi Group in September, and the main content of this cooperation agreement will involve the main body plate of passenger cars based on Southeast China Automobile.

"The two parties originally planned to sign the agreement in late August, but due to some details of the agreement was suspended by both parties. At present, it is learned that the two sides will sign a cooperation agreement in the middle of this month." A person close to the Fuqi Group told reporters, "This time The scope of cooperation and restructuring has also been adjusted, mainly for the main body of passenger vehicles, and commercial vehicles and other business segments are not involved.

This also means that Fuqi Group will be split into passenger cars and commercial vehicles, and South East Automobile, which is the asset of passenger vehicles, will be the focus of this merger. With the support of Fujian Province and relevant government departments, Southeast Motors, which is inextricably linked with Yulon of Taiwan in the equity structure, will be underwhelmed by Dongfeng Motor’s income.

Integrate Southeast Southeast Assets

At the Global Automobile Forum held in Chengdu on September 6th, Zhu Fushou, General Manager of Dongfeng Motor Co., which was asked “restructuring progress”, responded that “The reorganization has not yet been confirmed. Dongfeng has always maintained an open attitude toward reorganization while maintaining Careful and prudent style."

He also expressed profoundly that in the past, in the rapidly growing market environment, under the cultural effect of “rather than making chicken heads without phoenix tails”, it was “very difficult” to integrate. “(Now) some are in difficulty. The enterprises must make early determinations, otherwise they will not be merged and reorganized, but will face more severe problems of survival."

Zhu Fushou's tone of benevolence and enthusiasm seems to be a must for the target of mergers and reorganizations. The other party, Fuqi Group, avoided this. However, according to a reporter’s report, under the policy of “grasping of central enterprises” by the Fujian Provincial Government, after more than ten months of contact and negotiation between Dongfeng and Fuzhou, the fabled group’s joint venture company, Southeast Automotive, is still in the fancy.

Fuqi to commercial vehicles

"Following the separation of passenger vehicles, Fuqi Group is mainly engaged in passenger cars, parts and components, and light trucks," said the person close to Fuqi. Fuqi Group's lower-level auto companies include Southeast Automotive, Fujian Daimler, Xiamen Golden Dragon, and the new Longma under construction. The products include cars, MPVs, mini-vehicles, and large and medium-sized passenger cars.

According to data released by the Fuqi Group, in the first half of 2012, Fuzhou Automotive Group completed the sale of 88,033 vehicles, with an operating income of 13.8 billion yuan, which was basically the same as last year. Among them, South East Automotive achieved double sales and profits.

In contrast, Fujian Benz, which is owned by the Fuqi Group, is naturally another important section worth nurturing. But so far, this business sector is still sluggish. Statistics from the National Passenger Vehicles Association show that in the first 8 months of this year, Fujian Benz sales fell across the board, with cumulative sales of 3581 units, down 50.5% year-on-year.

After BAIC and Daimler signed a comprehensive joint venture framework agreement, the positioning of the later renamed "Fujian Benz" remains the high-end commercial vehicle market. Mercedes-Benz brand can still improve the product positioning of Fujian automobile industry, but the future direction is still a problem. Judging from the scale of production capacity, Fujian Benz's annual production capacity of 40,000 vehicles is only an “entry level”. After the introduction of a new auto company exit mechanism by the Ministry of Industry and Information Technology, the consolidation of Fujian Benz will have to be put on the agenda again. In the future, Fujian Benz will introduce new models, including commercial vehicles and school buses.

Xiamen Golden Dragon Automobile Group, which is controlled by Fuqi Group, is regarded as its best quality asset. Jinlong owns three bus companies and is one of the leading companies in China's passenger car manufacturing industry. This time, Fuqi Group did not reorganize the commercial vehicle segment, and Xiamen Golden Dragon Strong profitability has a certain relationship.

In addition, the new Ryoma expansion project, which was just approved by the National Development and Reform Commission in August, is expected to be put into production by the end of September. It will mainly produce mini vehicles and engines. In the future, the Xiamen-based Jinlong, which is mainly based on passenger cars, and the new Longma, which is mainly based on micro-vehicles, will restructure the entire vehicle architecture of Fuqi Group.

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