Capital dominates the second restructuring of the Chinese auto industry


If the Chinese automobile industry is likened to a big tree, then although this large tree looks large, it is "becoming a branch." Relevant data show that as of the end of 2005, China had a total of 145 auto-vehicle manufacturers, which was even more than the United States + Europe + Japan automakers. However, despite the fact that “green leaves are full of branches”, they are all “flower faded, red, green, and apricot”. According to statistics, from January to October 2007, the top ten automobile manufacturers in terms of sales volume were: SAIC and FAW. , Dongfeng, Chang'an, BAIC, GAC, Chery, Brilliance, Hafei, and Geely, among which the cumulative number of FAW's top-ranked FAWs totaled 1.165 million units, and in the final Geely only FAW's fraction was less than: 142,000 units. From January to October, the above-mentioned ten companies sold a total of 5,960,400 automobiles, which was less than Toyota’s performance of 7.05 million vehicles from January to September.

Although after entering the WTO, this large tree has also undergone "pruning", such as the FAW reorganization of Tianqi and Chuanqi, SAIC reorganized Wuling, Yantai Daewoo and Shenyang Jinbei GM, Changan restructuring Hebei Changan and Jiangling, but these companies " There was a disparity in the strength between the primary and the secondary, and the purpose of the integration at that time was also forced to enter the WTO situation, with more "government-led" nature. Therefore, even if the largest branch of FAW, the market share after the integration of Tianqi is only 15%, compared with the Chinese auto market will exceed 9 million this year, it is really worrying about its "wind "ability.

Recently, the news that Dongfeng’s 2 billion shares of Hafei had entered the company was different from the past “big eating and swallowing” because it was the top ten companies in the same sales. From January to October, Dongfeng ranked third, with 920,000 vehicles. Hafei is ranked ninth with 242,000 units. If the reorganization is successful, the Chinese auto tree will undoubtedly grow a more robust "branch": simply adding the two, it will already surpass SAIC and FAW. Sales are also close at hand.

As we all know, Hafei and PSA have been “brows and eyes” for more than two years. Why did the Dongfeng kill it? Moreover, the acquisition amount of RMB 2 billion is the sum of the net profit of Dongfeng Motors + Dongfeng Technology + Dongfeng Motors Hong Kong Stocks of its three listed companies last year. Why is Dongfeng so convinced?

First of all, according to the annual report of Dongfeng Motor (0489) in the first half of this year, its net profit was RMB 1,945 million, an increase of 75% compared to the same period in 2006. After deducting the deferred tax return, the net profit was also RMB 1.58 billion, an increase of 42%. Maintain high growth. In terms of commercial vehicles and heavy-duty vehicles, Dongfeng also has a good performance. In fact, until October, Dongfeng has completed its sales target for this year. Therefore, the Dongfeng wallet thickness is enough.

Secondly, this year, after the overall listing of the SAIC Group, it has obtained huge financing for development. With more than one dollar, not only its own brand, Roewe, has done a great job, but it has also been able to integrate other resources, such as NAC. There is a good demonstration of SAIC in front. On November 23, Dongfeng Motor announced that it will also issue 2.1 billion short-term financing on November 28, 2007. Although there is no indication of the use, it is not difficult to know the flow of funds when we look at the Dongfeng’s 2 billion share of Hafei’s move on Saturday.

Thirdly, according to foreign reports, the PSA logo Citroen plans to build a third factory in the mainland, but it has not stated the target of cooperation. Hafei is one of the "third parties." The Dongfeng move is a broken road to PSA, and the French can't double their minds.

Fourth, the most important point is that the overall listing of Dongfeng Group has been rumored for a long time. If it is included in Hafei, it can form a force that can compete with FAW and SAIC. In addition, there are better supplements for independent brands and micro-cars to benefit the Dongfeng Group's overall image and overall attack.

It seems that if the last large-scale reorganization of the Chinese auto industry was still the will of the government, capital would be the dominant force in this reorganization. Who will be annexed next time in the top ten? We will wait and see.


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