With the listing period ending today, Dongfeng Motor Group has transferred its 45% equity project of Dongfeng Commercial Vehicle Co., Ltd., and the world commercial vehicle giant Volvo Group, as the sole takeover, has undoubtedly become the Dongfeng commercial vehicle. shareholder. The move means that the world's largest commercial vehicle alliance will be officially launched in China, the world's largest commercial vehicle market.
The transfer is aimed at Volvo. According to the information from Shanghai United Assets and Equity Exchange, Dongfeng Motor Group has listed its 45% stake in Dongfeng Commercial Vehicle Co., Ltd. with a price of 5.51 billion yuan. The project expired on August 25.
It is worth noting that the qualifications of the transferee proposed by Dongfeng Motor in this property transfer announcement include: the intended transferee should be an enterprise legal person established according to law and effectively survived for more than 20 years, and is the world's leading medium and heavy truck production. And one of the sales companies, specifically requiring the intended transferee and its subsidiaries to merge the sales volume of the medium and heavy trucks in 2013 (the total weight of the vehicle is more than 7 tons) is not less than 180,000 units, and the intended transferee and its subsidiaries merge. As of December 31, 2013, the audited owner's equity is not less than RMB 60 billion, and the cash and cash equivalents are not less than RMB 20 billion.
Moreover, in order to avoid horizontal competition in the Chinese market, when the intended transferee submits the transfer application, in addition to the transferor, the intended transferee and its holding subsidiaries develop and manufacture complete medium and heavy trucks and/or in China. There is no equity cooperation in China for the diesel engine business of medium and heavy trucks. According to industry insiders, these restrictions are tailor-made by Volvo, so Volvo Group has also become the sole takeover of this equity transfer transaction.
Yan Zongyun, the relevant person in charge of Dongfeng Commercial Vehicle Co., Ltd., told the Southern Reporter that with the expiration of the listing of the equity transfer transaction, Volvo’s 45% stake in Dongfeng Commercial Vehicle will also be settled, and the new joint venture company formed by the two parties will also be this year. The fourth quarter was formally established.
Dongfeng will receive technology "transfusion"
As early as January 2013, Dongfeng Motor announced that it has established a strategic alliance with the Volvo Group, the world's second largest commercial vehicle manufacturer, to jointly develop the world's leading "Dongfeng" brand commercial vehicles. In March of that year, the two sides signed a strategic alliance agreement in Beijing, and the two sides committed to building the most competitive commercial vehicle alliance in the world.
According to the agreement, the newly formed joint venture company will be committed to the development of the Dongfeng brand medium and heavy commercial vehicle related business. In the new company management setup, the new company set up a board of seven people, of which 4 are appointed by Dongfeng, 3 by Volvo, the chairman of Dongfeng Group, and the vice chairman of Volvo. In the initial stage of the management, there are 8 people. Dongfeng and Volvo each recommend 4, Dongfeng recommends the general manager, and Volvo recommends the vice president.
With the listing of 45% equity of Dongfeng Commercial Vehicle Company, it means that the above-mentioned merger and integration of heavy commercial vehicle assets and business has been completed, and the joint venture company is “out of the box”. At the same time, the world's largest commercial vehicle alliance formed by Dongfeng and Volvo has entered the practical stage.
As the country's emission requirements are getting faster and faster, Dongfeng products may face higher environmental challenges in the future. Therefore, technology upgrades have become the most urgent demand for Dongfeng commercial vehicles. Zhu Fushou, general manager of Dongfeng Motor Co., said: “The new joint venture between Dongfeng and Volvo will carry out comprehensive technology upgrades and accelerate product planning.” Therefore, the core technology of commercial vehicles is the key link that connects Dongfeng and Volvo. .
Dongfeng Motor stated in the listing information that the transferee should provide technical support for Dongfeng Commercial Vehicle to help it build a world-class advanced commercial vehicle technology center and commodity planning system, as well as an overseas manufacturing system that meets its overseas strategic needs. At the same time, it supports Dongfeng Commercial Vehicles to continuously upgrade and upgrade the medium and heavy commercial vehicle product platform, build a modular and standardized product platform, and support its construction of a globally competitive global supplier platform.
The reporter learned that the new joint venture project has established manufacturing bases and R&D institutions in Shiyan, Hubei and Wuhan. Among them, in addition to the four major process blocks of final assembly, welding, painting and stamping, an engine plant will be built in the manufacturing base.
In addition to Dongfeng Commercial Vehicles will be the first to receive Volvo's SC R National IV emission standard technology, the two sides will jointly develop Dongfeng brand heavy-duty engines that meet the national six emission standards and higher standards, and will introduce and develop Dongfeng brand heavy-duty transmission. Box and medium gearbox.
Forced joint ventures for technology It is worth mentioning that Volvo is an "early bird" in the commercial vehicle sector in China. In 2003, Volvo and China National Heavy Duty Truck (000951, shares it) announced the establishment of Jinan Huawo. This is the first joint venture approved by the China Development and Reform Commission in the field of heavy trucks. Then, due to the inaccurate market positioning, the production and sales volume of “Huavo” has always been at a low level of several hundred vehicles. Since then, the two sides have fallen into intellectual property disputes, and they have gradually drifted away and eventually "break up."
Time flies, ten years later, when Volvo found that competitors Germany and Daimler Group achieved rapid development through joint ventures in China, they could only make the pace of catching up even bigger. Then there is an alliance with Dongfeng. Volvo Group President Olof Payson said that the Chinese truck market is the largest in Europe and North America and the largest truck market in the world. Volvo regards China as the top priority of strategic planning.
[Observation] China's commercial vehicle industry needs to be upgraded. The reality is always cruel. According to the data of China Automobile Association, the production and sales of domestic commercial vehicles fell by 2.99% and 5.04% respectively from January to July this year. Among them, the production and sales of the medium-sized commercial vehicle market in the “hardest hit” decreased by 18.91% and 20.10% respectively, which dragged down the overall performance of the commercial vehicle market.
At present, the cooperation mode between Dongfeng and Volvo can be regarded as the epitome of the upgrade of China's commercial vehicle industry. Analysts pointed out that in the context of the decline in demand leading to negative growth in the commercial vehicle market and the widespread difficulties faced by commercial vehicle companies in technology upgrades, Dongfeng intends to continue to lead the market by introducing technology with Volvo. However, the digestion and integration of technology is still a An important gateway.
In fact, not only Volvo, the United States Navistar, Germany Daimler have used the domestic national IV standard implementation of many commercial vehicle companies after the lack of technical strength, began joint venture negotiations.
It is understood that according to the Dongfeng “Dan D 300” plan, Dongfeng Commercial Vehicle will achieve 1 million production in 2016. In the first half of this year, Dongfeng Commercial Vehicle's medium and heavy trucks achieved sales of 81,500 units, and the main national IV model accounted for 28% of the market share, leading the industry. Dongfeng Commercial Vehicle strives to achieve the goal of selling 160,000 heavy-duty trucks throughout the year, and to continue to maintain industry leadership, product upgrades are imminent.
In addition, even though Dongfeng has ranked first in the medium and heavy commercial vehicle market for many years, Zhu Fushou admits that “the problem of overcapacity of commercial vehicles in China is already in front of the market”. Therefore, Dongfeng has been looking for an international shipping route for commercial vehicle business. Through a joint venture with Volvo, Dongfeng will also build an overseas manufacturing system and overseas sales base that meets Dongfeng's overseas strategic needs.

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