[Aika Car Car Fun Talk Original]
Following the last issue of the content "2021 car circle event part one", we brought you the next part of the 2021 car circle event, the content of the next part has some sentimentality, on August 25, FAW Mazda published a "Yes, this is our last push" with everyone officially bid farewell, announced delisting, and then cancelled the official account ..... In 2021, the shareholding ratio restriction of passenger car joint venture companies enters the countdown, and on January 1, 2022, the restrictions on the national stock ratio of passenger countries are fully relaxed, and the shareholding ratio means the right to speak, dividends, etc. In the face of the cancellation of the share ratio restrictions, the fate of BMW Brilliance and Beijing Benz is not the same. Well, I won't spoil it anymore, this article is more exciting, don't miss it.
◆ FAW Mazda - the road is long and long, don't forget it
On August 17, 2021, Changan Mazda submitted an application to the Anti-Monopoly Bureau of the State Administration for Market Regulation the "Changan Mazda Automobile Co., Ltd. Acquisition of equity in FAW Mazda Automobile Sales Co., Ltd.", which means that the merger of "North and South Mazda" has entered a substantive stage. Changan Mazda Automobile Co., Ltd. acquired 100% of the shares of FAW Mazda Automobile Sales Co., Ltd. in the form of equity + cash.
On August 24, Changan Automobile, Mazda Automobile and China FAW issued a joint statement on the capital increase project of Changan Mazda, and the (new) Changan Mazda will be changed to a joint venture jointly funded by the three parties, with Changan Mazda, Mazda and China FAW holding 47.5%, 47.5% and 5% respectively.
The time came to August 25, FAW Mazda released a very "sad" tweet - yes, this is our last push, the road is long, don't forget it. When we saw this tweet, it was all settled.
FAW Mazda's last push
From 2003 to 2021, FAW Mazda has experienced 16 spring, summer, autumn and winter in China, and the delisting of FAW Mazda is the same as all the parting scenes we have experienced.
According to public information, in 2003, FAW Car introduced the Mazda 6 through technical cooperation to be put into operation at FAW Car's Changchun plant. In order to cooperate with the sales work of Mazda 6, China FAW, FAW Car and Mazda Automobile jointly funded the establishment of FAW Mazda Automobile Sales Company in 2005, as a sales company, it is doomed to FAW Mazda's "attributes" and other joint venture brands, limited to technology and automobile sales, and does not have vehicle production qualifications, FAW Mazda's models on sale are produced by FAW Car.
Until 2021 FAW Mazda delisted, there are still two models on sale, Artez and CX-4, although FAW Mazda is delisted, but FAW Mazda owners do not have to worry about after-sales problems.
FAW Mazda and Changan Mazda were renamed "Mazda" after the merger, which means that there is only one Mazda in the Chinese market, no longer distinguishing FAW and Changan, and the dealer channels of the two companies also began to merge in September, and the problem of consumer after-sales services such as purchasing FAW Mazda Artez and CX-4 will not be affected.
Summary: For FAW Mazda and Changan Mazda, perhaps the final merger, the synchronous integration and coordinated deployment of the sales network channels of "Erma", can achieve the effect of 1+1 greater than 2, and the overall competitiveness will be further enhanced after the merger. It is foreseeable that Mazda will increase its efforts to launch new cars in China, and the future will become more promising.
◆ National Day electric vehicles get together to travel, after the increase in new energy momentum, there are hidden worries, and the construction layout of charging facilities is accelerated during the "14th Five-Year Plan Period"
With the magnificent development of the new energy industry, China's various infrastructures on new energy are steadily advancing. According to the data, as of November 2021, the cumulative number of charging infrastructure in the country was 2.385 million units, an increase of 55% year-on-year. The new energy industry vigorously supported by the Chinese government, the infrastructure is relatively complete, the number of new energy vehicles in China and the construction of basic supporting facilities are at the leading level of the global market, the current existing infrastructure is enough to cope with daily work and life, but encountered like last year's eleven small holiday self-driving tour "get together to travel" situation, to some extent, exposed the "drawbacks" of the new energy industry.
CCTV2 financial channel reported on the charging problem of new energy vehicles during the National Day
According to the State Grid data, from October 1, 2021 to October 3, 2021, the total charging capacity of the State Grid charging and replacing service network increased by 59% year-on-year, and the charging capacity of the highway charging system increased by 56% year-on-year.
As of the end of September, the number of charging piles in China's high-speed service area was 10,836, which was indeed difficult to cope with the "army" of 6.78 million new energy concentrated travel. In the "fuel era", the holidays also often encounter the situation of queuing at the gas station in the service area, but the refueling time of each vehicle is faster, 3-5 minutes can basically complete the refueling, while the charging of new energy vehicles is not the case, often 2-4 hours of charging time, and the "big long queue" waiting for the queue to charge after traveling, not only makes the owners who queue up to encounter charging difficulties unhappy, for the new energy vehicle industry, the future will also "constrain" its development.
To solve the problem of queuing new energy vehicles for holiday travel, in addition to building more charging piles and sending manpower to maintain existing charging piles. Broaden the thinking, further popularize the way of power replacement and energy replenishment, driving new energy vehicles is no longer a problem that car owners worry about, and new energy vehicles can be recharged and exchangeable to achieve the coordinated layout of the dual track, which can be expected to completely break the confinement.
11 cities across the country have been included in the pilot application of power exchange
On October 28, 2021, the Ministry of Industry and Information Technology, together with the National Energy Administration, carried out the pilot work of the application of new energy vehicles, and the General Office of the Ministry of Industry and Information Technology issued the "Notice on Launching the Pilot Work of the Application of New Energy Vehicle Power Exchange Modes", which included 8 comprehensive cities in Beijing, Chongqing, Nanjing, Wuhan, Sanya, Changchun, Hefei and Jinan, and the three heavy-duty truck characteristic cities of Yibin, Tangshan and Baotou into the "power exchange" application pilot, and the comprehensive application cities covered passenger cars, commercial vehicles and other fields. Heavy-duty truck characteristic cities focus on the field of heavy commercial vehicles, and the overall promotion goal of the power exchange mode application pilot is to replace more than 100,000 electric vehicles and replace more than 1,000 power stations.
This means that the pilot cities carry out the pilot of the power exchange model, forming a small-scale pilot "ecosystem", which will be popularized throughout the country after the success of the pilot, and at the same time, the 11 cities in the pilot have their own characteristics.
When the power exchange mode was first written into the government work report, it meant that the favorable policy would promote the development of the power exchange field. However, if you want to increase the penetration rate of substations, you must consider several major factors such as cost, standardization, and safety, and central enterprises such as Sinopec and PetroChina, which have unique conditions, are naturally the vanguard in the field of power exchange. As a representative of central enterprises, Sinopec with priority conditions is naturally the vanguard, at present, Sinopec has more than 30,000 gas stations in the country, according to the plan, Sinopec will rely on existing advantages for layout, by 2025 in the national planning layout of 5,000 charging and replacement power stations. At the same time, the layout of china's oil and shell charging and replacing power stations is also steadily advancing.
In the field of power exchange, Weilai Automobile is a "bellwether" enterprise. As of January 3, 2022, NIO has laid out 780 substations nationwide, including 608 supercharging stations, 205 high-speed substations, and 626 destination charging stations. At the same time, NIO has opened cooperation with oil giants - Sinopec, PetroChina, Shell. At present, Aodong New Energy has cooperated with mainstream car companies such as BAIC, SAIC, Changan, GAC, FAW, dongfeng, etc. Aodong New Energy Substation has developed to the fourth generation, completing the power exchange in 20 seconds, but the main customers of the substation are biased towards the taxi and online ride-hailing market.
Summary: One of the important instructions of Chairman Mao's thought is "everything starts from reality to solve the problem", just like the industry "drawbacks" exposed by the queuing and charging of electric vehicles during the National Day in 2021, for the development of new energy vehicles, it is inevitable to encounter problems in development, and timely "correction" is valuable. The Ministry of Industry and Information Technology has launched a pilot city for power exchange work, and with the policy industry wind direction benefiting the power exchange field, the charging and replacing infrastructure service guarantee policy is about to be introduced, and the "giants" have begun to lay out the power exchange track. It is foreseeable that in the future in the field of new energy, charging and power exchange complement each other in order to effectively promote the benign development of new energy vehicles.
◆ The future is silent for 2 years to return, deliver new users
On December 14, 2016, Qiantu Automobile was officially established, which is the first manufacturer to obtain the "double qualification" of new energy vehicle manufacturing. The first mass-produced model of the future - the future K50 was listed in August 2018, positioned as a pure electric sports car, the price after subsidy is 686,800 yuan, which is the ceiling of the "year" new energy model, originally thought that the fate of the future car will be like its name, but its development We use "three twists and turns" to describe it is more appropriate.
Promising K50 delivery to new users
After July 30, 2020, the public account dynamics of Qiantu Automobile have not been updated until December 2, 2021, Qiantu Automobile published a new tweet, which made Qiantu Automobile return to our vision. During this period, Qiantu Automobile was exposed to the fact that many experience stores and delivery centers were shut down or in the predicament of no car to sell, and there were even rumors that Qiantu Automobile was "bankrupt". At the same time, Lu Qun, founder of Qiantu Automobile and Great Wall Huaguan and chairman of Qiantu Automobile, has also been restricted from high consumption, which seems to confirm the "dilemma" of Qiantu Automobile from the side, after which Qiantu Automobile slowly faded out of people's vision.
On December 20, 2021, Qiantu Automobile held a strategy sharing meeting, released the "three new" plan, and said that The K50 will resume production at the Suzhou factory and officially deliver new users. At the same time, Qiantu Automobile released its new car plan for 2022, and the second model of the future, the Qiantu K20, will be launched in 2022, and the new car is currently in the stage of dynamic testing.
Summary: On December 2, 2021, the public account of Promising Automobile, which has been suspended for more than a year and a half, finally resumed "business". Today, with the future K50 off the production line and the delivery of new users, it seems to mean that the future car "regains a new life", and everything is developing in a good direction. Qiantu Automobile's second new car, The Qiantu K20, will be listed next year, while laying out overseas markets, and the official said that the Qiantu K20 will bring young people a new experience beyond the traditional at a more affordable price.
FAW Mazda delisted/accelerated charging facility layout, etc
◆Dongfeng Motor: Yueda Kia Goodbye~
On December 21, 2021, Yueda Investment issued an announcement that it had deliberated and passed the "Proposal on Waiving the Limited Transfer Right and Forming a Joint Investment with Related Parties". The content of the proposal shows that after the completion of the related party transfer transaction of dongfeng Yueda Kia Automobile Co., Ltd., the shareholding structure was changed from 50%, 25% and 25% held by the existing Kia Co., Ltd., Dongfeng Motor Group Co., Ltd. and Yueda Investment to 25% and 75% held by Yueda and Kia. This means that Dongfeng Yueda Kia has changed from the original tripartite joint venture to a joint venture between Yueda and Kia, and the company name has been changed from Dongfeng Yueda Kia to "Yueda Kia".
Dongfeng Yueda Kia is also the second company to change the main body of the joint venture after FAW Mazda, coincidentally, they are FAW and Second Automobile (Dongfeng), which can be understood as the performance of the state-owned automobile group choosing to "stop loss in time" at the right time.
In 2002, Dongfeng and Yueda Kia jointly established Dongfeng Yueda Kia, the first product launched Maxima, which was also "popular", and the subsequent smart running, lion run, K5 and other models were also considered to enjoy good popularity in China.
However, in the market competition in recent years, in terms of product strength and brand premium, Dongfeng Yueda Kia's sales have shown a cliff-like decline, and the marginalization of products in the market is becoming more and more obvious.
Summary: To some extent, Dongfeng Motor Group's withdrawal from the joint venture company of "Dongfeng Yueda Kia" is also a decision based on the current status quo and future uncertainty of the joint venture brand, and the Matthew effect trend of today's auto market strong Hengqiang is gradually emerging. From the equity change of Dongfeng Yueda Kia, it can also be seen that the change in the competition model of China's automobile industry, the joint venture brand has been "not fragrant", and it is no longer a product pattern in which the joint venture is higher than the independent.
◆ Behind the full liberalization of the passenger car joint venture share ratio is the confidence and self-confidence accumulated by china's automobile industry for more than 20 years
On 27 December 2021, the National Development and Reform Commission and the Ministry of Commerce issued the Special Administrative Measures for Foreign Investment Access (Negative List) (2021 Edition). From January 1, 2022, in the field of automobile manufacturing, the restriction on foreign ownership in passenger car manufacturing will be abolished, and the same foreign company will no longer be restricted from establishing two or less joint ventures in China to produce similar vehicle products. This means that since the promulgation of the "China Auto Industry Policy" in 1994, the foreign equity ratio restriction in the automotive industry will withdraw from the stage of history, and the joint venture company with equal discourse power for 27 years will be reformed.
In the early days, China's passenger car development is in the "market for technology" stage, when cooperating with foreign auto manufacturers, through the "limit of the stock ratio" to balance the right to speak, cooperative relations between China and foreign countries, the share ratio restriction policy can be said to be the "crutch" in the process of automobile development, it is also with this "crutch", cultivating China's automobile industry this perfect supply chain and modern vehicle manufacturing system.
Equity is more attractive to luxury brands
In 2017, the National Development and Reform Commission officially announced the successive removal of foreign ownership restrictions in the automotive industry, and in 2019, on the 15th anniversary of the establishment of BMW Brilliance, BMW signed a share ratio change agreement with Brilliance, which shows that after the cancellation of the policy restrictions in 2022, BMW's shareholding ratio in the joint venture will increase from the previous 50% to 75%, with BMW's increased investment and sincerity in supporting Brilliance (including 1, extending the BMW Brilliance joint venture agreement until 2040; 2, increasing investment in BMW Brilliance to 3 billion euros). For the expansion project of Shenyang production base; 3, signed a parts order of 50 billion yuan with Brilliance).
BMW's attitude can be described as clear, and it does not hide its intentions in the slightest. Coincidentally, on May 29, 2020, Volkswagen Group invested 1 billion euros to acquire 50% of the shares of Anhui Jianghuai Automobile Group Holding Co., Ltd., the parent company of Jacque Automobile, and increased its shareholding in the new energy joint venture JAC Volkswagen to 75%, and then JIANGHUAI Volkswagen officially changed its name to Volkswagen (Anhui) Co., Ltd.
At the beginning of 2021, volkswagen group announced the establishment of a second joint venture in China with more than 50% shareholding, Audi FAW BJEV Joint Venture, with FAW, Audi and Volkswagen holding 40% and 60% of the shares.
Whether it is BMW or Audi, it is not difficult to find that luxury brands are more concerned about this "equity battle". In this regard, Aika Auto learned from industry insiders that because luxury brands have higher profits, the attractiveness of "equity" will be greater. In addition, in the cooperation of luxury brands, Chinese car companies are on the weak side in terms of brand and technology, so the right to speak is often not high. After the liberalization of the shareholding restriction policy, the shareholding ratio and equity change are prone to tilt in the luxury brand market.
After seeing the dynamics of BMW and Audi on equity, the equity issue of Beijing Benz has attracted special attention, and everyone is paying attention to whether Daimler "covets" the equity of Beijing Benz. On December 13, 2021, BAIC Group released a "shocking" news, baicchi group in 2019 by continuing to invest in 9.98% of Daimler's shares, becoming Daimler's largest shareholder.
The timing of BAIC Group's announcement is so in line with the opening time of the stock ratio, and it is not difficult to understand that Beijing Benz is paving the way for the "change in the stock ratio". After BAIC Group increased its stake in Daimler, BAIC Group, as Daimler's largest shareholder, held a higher "right to speak" on whether Beijing Benz changed its equity. In addition, in terms of profits, BAIC Group can divide profits from its direct shareholding in Beijing Benz, and can also divide the profits of Beijing Benz as Daimler's "largest shareholder".
The above table is before and after the liberalization of the stock ratio policy, some car companies adjust the change of equity, here we will not introduce one by one, at the beginning of 2022, I believe that there will be a "wave" of car companies in this year to usher in the adjustment of the stock ratio.
New energy is the track of Chinese brand "overtaking"
Although 5 years ago (2017), the state clarified the opening hours of the stock ratio, but today, there are still many people worried that the complete opening of the stock ratio and the restriction of no more than two joint ventures, after the "policy protection" faded, can China's automobile industry withstand the impact?
China's auto industry has experienced nearly 20 years of development, is no longer a joint venture brand higher than the trend of independent brands, in the first 11 months of this year, China's brand market share has reached 44%, an increase of 6.4%. In terms of new energy brands, the sales of BYD, E-An, Weilai, Ideal, Xiaopeng and other brands once exceeded that of joint venture new energy models. For Chinese brands, new energy is also an excellent time to "overtake in curves".
From another aspect, after the liberalization of the stock ratio, multinational car companies will be encouraged to increase the scale of investment and cooperation in China, introduce more competitive products, more advanced technologies and services, and increase the "Matthew effect" of automobile market competition. In any case, this move is a good thing for consumers and the ultimate beneficiary.
Summary: It is foreseeable that after the full liberalization of the stock ratio, the Matthew effect will be more obvious, and it will also accelerate the knockout race of the passenger car market, and the bottom of the passenger car stock ratio release reveals the confidence and confidence of Chinese brands. After the full opening of the stock ratio, it will accelerate the "survival of the fittest" in the automotive market, and consumers and sales are the only verification standards.
Written in the end: In 2021, the epidemic and chip shortage have formed a strong impact on the automobile industry, and at the same time have brought some changes to the entire industry, and the impact of the epidemic and lack of cores has accelerated the survival of the fittest in the market and accelerated the transformation of the industry. Despite the "difficulties", China has not changed the direction of development, showing enough tenacity to show that the Chinese auto market in the post-epidemic era is full of optimism. We believe that 2022 will be better.
Passenger car joint venture share ratio fully liberalized / Yueda Kia