The acquisition of approximately 14% of PSA’s shares in France’s Peugeot Citroën Group (PSA) for 800 million euros has caused the Dongfeng Group to attract attention. In the future, the two parties will also strengthen cooperation in the industrial and commercial fields and realize strategic cooperation in the entire value chain. This means that Dongfeng Group has taken a milestone step in international M&A cooperation.
At the same time, Dongfeng also completed due diligence on the reorganization of the Fujian automobile project in China. Before the integration of Fuqi, Fuqi also regained its controlling interest in Xiamen Jinlong through equity transfer. Although this will, to a certain extent, increase the difficulty of Dongfeng's reorganization of the blessings, once the hard bones are removed, Dongfeng will also be rewarded with Xiamen Golden Dragon as a quality resource.
But these are far from the goals of Dongfeng. The two domestic and foreign mergers and acquisitions that are dominated by the east wind seem to be irrelevant, but they are actually implemented in Dongfeng's layout plans for the "grand autonomy" strategy. For Dongfeng Group, its own brand is not only a short board that it urgently needs to make up, but also a strategic priority for the next five to ten years. Dongfeng will aggregate all possible resources and realize its grand autonomy.
According to the plan of the "grand autonomy" strategy, Dongfeng Group will implement three 1 million autonomous vehicles at the end of the "Twelfth Five-Year Plan" - one million Dongfeng-brand commercial vehicles, one million Dongfeng-brand passenger vehicles and other autonomy. One million brand cars. However, Dongfeng Passenger Vehicle sold only 80,000 vehicles last year, a far cry from its goal.
For Dongfeng, in the process of achieving “grand autonomyâ€, the scale and technical strength of its own brands are all shortcomings that cannot easily be overcome. In particular, they want to achieve transcendence in a short period of time. It will be difficult to succeed. Whether it is å«¡ or hybrid, whether it is Fengshen, Na Zhijie, Qichen or Siming, the mastery of core technologies, control of the industrial chain, and grasp of the market are the keys to the success of Dongfeng’s “large autonomy†strategy.
Therefore, in the international community, the stake in PSA is far more than the "domestic enterprise group becomes the largest shareholder of France's largest automotive company". It is a simple way to share PSA and realize the technology sharing with PSA and the synergies in the whole value chain, and eventually feed back its own independent sector. It is the core.
In China, for the restructuring of Fuqi, the most valuable segment for Dongfeng’s “autonomy†strategy is the Southeast Motor, which can make up for the shortcomings of its own brand of passenger vehicles. With the return of Xiamen Jinlong to Fuqi, the high-quality resources in this bus area will become another value point for Dongfeng's reorganization of Fuqi. Of course, this will, to some extent, increase the difficulty of Dongfeng's entry into Fuzhou.
It can be foreseen that Dongfeng will still face many challenges in its “great autonomy†journey, but once it completes its own independent integration, it will make up for the shortcomings of its own brand of passenger vehicles and further expand the advantages of commercial vehicles. It will become the most worthy of the outstanding companies in the domestic auto group.
<br> <br> cautious expansion since 2002, M & A initiatives and Jiangsu Yueda, after the reorganization of Hyundai Kia, Dongfeng Motor rarely. The current chairman of Dongfeng Motor Xu Ping has been conducting all aspects of Dongfeng's work since 2005. His consistent low-key and robust style has also become the style of Dongfeng's actions.
In particular, after the failure to invest 2 billion yuan to participate in Hafei in 2008, the Dongfeng decision-making layer headed by Xu Ping was more conservative and cautious in its attitude towards mergers and acquisitions.
At the beginning of 2011, Dongfeng two Shao Zhuang faction representatives Zhu Fushou and Liu Weidong were transferred back to headquarters to serve as general managers and deputy general managers respectively. As the Young Zhuang leaders gradually came to the forefront, Dongfeng began to make efforts on mergers and acquisitions and began to selectively restructure and merge according to strategic needs.
In the past two years, Dongfeng Group, which has always been cautious in its external acquisitions, has frequently taken actions. It first acquired a small-cost water test to acquire TEngineering AB (previously Saab Powertrain Co., Ltd., which was delisted this year, or “T Company†for short), and then last year Formally signed the framework agreement for the restructuring of Fuqi, and at the same time began negotiations with PSA on equity issues.
The leader responsible for the PSA negotiations is Liu Weidong, another representative of the Dongfeng Shaoxing faction. To this end, the chairman's attitude is to keep the risk to a minimum.
With the gradual recovery of Japanese cars, Dongfeng Nissan and Dongfeng Honda's profits rebounded. Dongfeng Yueda Kia is also rapidly rising. This has enabled Dongfeng's overall profits to increase substantially. It also allows Dongfeng to have strong financial strength to conduct external restructuring and mergers and acquisitions.
Among them, the reorganization of Fuqi is not only for the Dongfeng Motor Corporation, but also for the expansion of the Southeast Automotive Group, which will continue to expand its cooperation with Yulon in Taiwan, and further increase the sales of other brands in Dongfeng’s “autonomy†camp, which is part of the Fuzhou Group. Jinlong is a scarce bus resource for Dongfeng. Recently, the Xiamen City SASAC transferred the Xiamen Golden Dragon shares held by its subsidiaries to Fuzhou Automobile Group for free, making Dongfeng integrate the value of Fuzhou Gas even more. Of course, the resistance of restructuring will be even greater.
For the acquisition of PSA, Zhu Fushou believes: “This will help Dongfeng’s own brands to share resources in products and technologies and get faster upgrades and transformations. Through comprehensive technology open cooperation, we can achieve Dongfeng’s technology sharing and improve product technology and quality. System, to move closer to the goal of internationalization."
Zhu Fushou stated that Dongfeng will also incorporate the PSA Asia Pacific Technology Center into its planning and set up a joint venture R&D center. “This will help us further improve our R&D and provide guarantee for the R&D of Shenlong Company.†The core of the protection under the words is the Dongfeng brand model that will soon be available.
According to sources from Dongfeng, the cooperation between PSA and Dongfeng will be coordinated in many aspects. Dongfeng will share technology with PSA in the future and will not be limited to platforms and powertrains. Both sides must jointly develop new products suitable for emerging markets. Products and new technologies.
Large independent a shortcut <br> <br> There are signs that the real purpose of Dongfeng shot to make up for its shortcomings autonomy, including last year from the Dongfeng commercial vehicle business peeled off, and Volvo joint venture Dongfeng brand commercial vehicles, but also to look for In the field of commercial vehicles, more technical partners, to strengthen their "large autonomy."
On December 10 last year, after a long period of ideological collisions and market research, Dongfeng proposed the "Dry" D300 plan, and the prelude to major expansion was officially opened. The destiny of Dongfeng's "great autonomy" lies in the plan that includes "three million vehicles."
According to the plan, by the end of the “Twelfth Five-Year Plan†period, Dongfeng Motors will have sales of 6 million vehicles, of which, according to the “over 50% independent brands,†Dongfeng’s own brand will account for 3 million vehicles: 1 million Dongfeng Motors’ commercial Cars, 1 million Dongfeng brand passenger cars and 1 million other independent brands.
“The Dongfeng must go out, go into, import foreign brands and technologies from the past, develop joint ventures with foreign capital, and purchase resources overseas. This is an evolving process. If Dongfeng does not have a strategic move, it must be realized. Internationalization is an empty talk. The cost we pay may be higher. The road we take may be even more tortuous, said Zhu Fushou.
According to its disclosure, although Dongfeng has been cautious and cautious in recent years, it has been waiting for an opportunity. “How can we achieve Dongfeng’s autonomy and what path to follow? What kind of path can we quickly integrate into the international community? This is a question that we have been pondering over the years. Including PSA and other partners, we have been studying this issue."
In Zhu Fengshou, Liu Weidong and other leaders of the Dongfeng Shaoshuang faction, although the shares of PSA were discussed by the PSA on its own initiative, Dongfeng has been ideologically prepared for many years. “There is this idea, this awareness, and the cooperation with PSA is for Dongfeng. The strategic significance of the integration of the international, the development of our own brand, and the cultivation of our international talents will have a lot of room for imagination."
For Dongfeng, with the help of PSA's channels and technology accumulation, its autonomy can be completely copied. Especially in the future research and development collaboration, if both parties cooperate with a 50:50 peer-to-peer ratio, plus the PSA equity held by them, Dongfeng can completely achieve the purpose of indirect control.
“In the past, foreign parties had collected fees. For a long time, our R&D has not been able to keep up. Now that we have integrated into it and researched and developed together, this is another mode that is worth trying. Zhu Fushou said.
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