Southeast Auto has received a local investment of 2 billion yuan, how to start the era of intelligent electric?

As the leading car enterprise in Fujian Province, Southeast (Fujian) Automobile Industry Co., Ltd. (hereinafter referred to as "Southeast Automobile") wants to make great efforts again in the era of intelligence and new energy.

"The Fuzhou Municipal Government and Fuqi Group have led the launch of the reform of the equity structure of Southeast Automobile, and the relevant work has been completed." Chen Wenhao, chairman of Southeast Automobile, announced at the "Huanyi" renewal meeting held recently that the provincial, municipal and county governments where Southeast Automobile is located have injected 2 billion yuan into Southeast Automobile through related companies, initially solving the long-term financial problems of Southeast Automobile.

The "China Business Daily" reporter noted that according to the information released by Southeast Automobile to the outside world, after the adjustment of the equity structure, Fujian Automobile Industry Group Co., Ltd. (wholly owned by fujian provincial state-owned assets supervision and administration commission), Fuzhou Transportation Construction Investment Group Co., Ltd. (wholly owned by Fuzhou State-owned Assets Supervision and Administration Commission), Minhou County Construction Investment Group Co., Ltd. (wholly owned by Minhou County State-owned Assets Operation management service center) held about 95% of Southeast Automobile, and China Automobile Industry Co., Ltd. (hereinafter referred to as "Zhonghua Automobile") held about 5% of the shares.

On December 9, Southeast Auto held a "HuanYi" renewal meeting, which was attended by representatives of the shareholders of Fujian Province, Fuzhou City and Minhou County in the area where Southeast Automobile is located, and Chen Wenhao, chairman of Southeast Auto, introduced the company's work priorities for 2021-2025. (China Business Daily reporter Gao Peitong photography)

The reporter noted that the absolute control of local funds undoubtedly directly solves the long-term equity structure problem of Southeast Automobile.

Retrospectively, Southeast Automobile has long been held by Mitsubishi 25%, Taiwan-funded Zhonghua Automobile holds 25%, Fuqi Group holds 50%, in the joint venture car companies with the help of technology import booming to harvest market dividends, due to the divergence of shareholder interests and other related reasons, Southeast Automobile failed to use the rise of Mitsubishi, after Southeast Automobile to build its own brand to try to break the situation, although the initial achievements, but in the fierce market competition challenges are huge.

It is also particularly noteworthy that according to the information at the press conference, the position of general manager of Southeast Automobile has been given up by Taiwanese people.

In detail, for a long time, the position of general manager of Southeast Automobile has been recommended by Zhonghua Automobile, a listed company in Taiwan, and according to the company's articles of association, Southeast Automobile adopts the general manager responsibility system under the leadership of the board of directors, the general manager organizes and leads the operation and management work, and the deputy general manager and assistant general manager assist the general manager, and until September 2021, the general manager of Southeast Automobile is still a Taiwanese person.

At the press conference, the general manager of Southeast Automobile is Weng Wuquan, public information shows that Weng Wuquan once served as the director of the Southeast Automobile Sales Department, the director of the Service Department and other positions, "(Weng Wuquan is) the authentic blood of the Southeast disciples soldiers", some Southeast Automobile insiders said in communication with reporters, and bluntly said that "Southeast (Automobile) This change is complete, top-down, but also very determined."

Judging from the press conference, the three shareholders of Fujian Province, Fuzhou City and Minhou County in the area where Southeast Automobile is located undoubtedly attach great importance to the brand renewal of Southeast Automobile, and have sent representatives to attend the event, and the relevant leaders of the Fuzhou Municipal Government also attended the event, saying in their speeches that Fuzhou will focus on building China's Southeast Automobile City during the 14th Five-Year Plan period, and Southeast Automobile and Fujian Benz, as the two "leading" enterprises in China's Southeast Automobile City, will embark on the policy of "Building a Modern Automobile Town of 100 Billion in Five Years in Southeast China Motor City".

In addition, the injection of 2 billion yuan has indeed initially solved the financial problem of Southeast Automobile.

According to the information disclosed by Zhonghua Automobile, retrospectively, at the end of 2020, the carrying amount of 25% of Southeast Automobile's shares was NT$600 million, which corresponded to about 140 million YUAN according to the recent exchange rate (1 NT$to 0.2328 YUAN), and based on this calculation, the net asset volume of Southeast Automobile at the end of 2020 may be about 560 million yuan. Undoubtedly, 2 billion yuan will quickly reverse the liquidity of Southeast Automobile and increase its asset volume.

However, such an asset volume still faces challenges in direct competition with domestic leading car companies, and often has an impact on their development strategies. In contrast, at the end of September 2021, the net assets of GAC Group were 89.984 billion yuan, the net assets of Changan Automobile were 55.626 billion yuan, the net assets of Xiaopeng Automobile, the new force of car manufacturing, was 43.914 billion yuan, and the net assets of Ideal Automobile were 40.747 billion yuan.

It is also worth noting that at the "Huanyi" renewal meeting on the same day, Southeast Automobile released its newly designed product LOGO, which echoes with southeast automobile's "Peng bird" enterprise LOGO from a design point of view, according to the introduction, the new product LOGO will be used in a new generation of high-end models such as Southeast DX9.

From the development level, how does Southeast Automobile, which has completed the reform of its equity structure, want to break through?

The reporter noted that according to Chen Wenhao, Southeast Automobile will turn to a development model of "new energy + fuel vehicles" as the main and fuel vehicles as the supplement, to achieve a two-legged walking model of 'new energy + fuel vehicles', and the development policy and work focus of 2021-2025 will be elaborated as: "one core", "two-way drive", "three upgrades" and "four forces strengthening".

Overall, the focus of these work focuses on design, quality and marketing, such as adhering to the brand core values of original design and ingenuity quality, and will be driven by "product + brand" in both directions to create a product-oriented, circle-layered and consistent marketing service concept, and strengthen the inherent technical, quality, cost and productivity.

In addition, Southeast Automobile to disclose the information of product information, disclose its future pure electric coupe A7 will use a new pure electric platform, said to have a technology cockpit structure, Southeast Automobile also released ACP autonomous parking technology, S-Pilot intelligent driving system part of the information, the scene debuted 2 fuel models Southeast DX9, Southeast N7, the former positioning family travel, business office, picnic caravans and other multi-purpose scenarios, the latter mainly intelligent tide play scene.

However, there are some development route issues southeastern cars have not yet disclosed more information.

Specifically, in the era of intelligent and new energy vehicles, some car companies tend to reveal the company's core differentiation, development vision, positioning range, etc., and explain the thinking logic behind it. Specific to Southeast Automobile, at this press conference, the price range of Southeast Automobile's overall positioning has not been disclosed; in terms of intelligent capabilities, whether it is similar to the solution of suppliers such as Xilis, or the use of self-developed solutions, Southeast Automobile has not yet disclosed more information; how to choose and switch on the path of hybrid and pure electric technology, etc., also needs to be disclosed further information.