Mergers and acquisitions of strong companies have become the main theme of the automotive industry.
Recently, a PPT on chery commercial vehicle cooperation plan with Southeast Automobile was exposed online, and Chery Commercial Vehicle may acquire Southeast Automobile.
The content shows that Southeast Automobile and Chery reached a VAM agreement, willing to exchange 80% of the equity for Chery technical support, the core is Chery to enter the southeast automobile with technology, and after the sales standard, Southeast Automobile will transfer 80% of the equity to Chery free of charge.
According to the plan, the two sides will start cooperation in 2022, with Southeast Automobile as the main body, Chery's new energy models labeled Southeast Brand, and in order to improve the performance of Southeast Automobile products, Jietu will be sold at home and abroad with Jietu brand and network after the bid change, with a sales target of 24,000 units.
In 2023, Chery will put into production three remodeled products for Southeast Automobile, and at the same time locally produce Southeast brand new energy or OEM Chery models, jointly achieving the sales target of 75,000 units, and after completing the target, Chery Commercial Vehicles can control Southeast Automobile.
After 2024, the two companies will jointly develop three new models and reach sales targets of 150,000 to 400,000 units in 2024, while building a new plant with an annual production capacity of 250,000 units.
In addition, the two parties will complete the sales of 3.06 million vehicles in the next 10 years, with revenue reaching 273 billion yuan, which will drive the value of parts and related industries to 217.8 billion yuan, totaling nearly 500 billion yuan.
In response to the PPT content, Southeast Automobile said, "At present, there is no relevant information to disclose. At the same time, Chery Jietu brand insiders responded that "there is indeed an adjustment plan internally, but I don't know that the partner is Southeast Automobile."
According to a Chery Group insider, "the group is investigating the source of this information leak, and it is inconvenient to disclose more information." ”
According to the information, Southeast Automobile Industry Co., Ltd. was established on November 23, 1995, by Fujian Automobile Industry Group Co., Ltd. (hereinafter referred to as "Fuqi Group"), Warwick Co., Ltd. (hereinafter referred to as "Warwick Shares") and Japan's Mitsubishi Automobile Industry Co., Ltd. (hereinafter referred to as "Mitsubishi Motors"), of which Fuqi Group holds 50% of the shares and the other two companies hold 25% of the shares.
On April 29, 2021, Southeast Motor changed its shareholding, and Mitsubishi Motors, which originally held 25% of the shares, withdrew and was succeeded by Fuzhou Transportation Construction Investment Group Co., Ltd. (hereinafter referred to as "Fuzhou Jiaotong").
On August 29, Southeast Automobile changed its equity again, and Minhou County Construction Investment Group Co., Ltd. (hereinafter referred to as "Minhou Construction Investment") became the shareholder of Nan Automobile.
According to Tianyan, the current Southeast Automobile is jointly held by Fuqi Group, Fuzhou Jiaotong, Huawei Shares, and Minhou Jiantou, of which Fuqi Group holds 37.6% of the shares.
According to the equity penetration, Fuqi Group is 100% controlled by the State-owned Assets Supervision and Administration Commission of the Fujian Provincial People's Government, Fuzhou Jiaotong is 100% controlled by the State-owned Assets Supervision and Administration Commission of the Fuzhou Municipal People's Government, and Huawei shares are Zhonghua Automobile, a subsidiary of Yulon Group.
From the perspective of development time, Southeast Automobile belongs to the old independent car companies, and at the beginning of its development, it introduced the vehicle manufacturing technology of Mitsubishi Motors through Taiwan Zhonghua Automobile, and became one of the car companies that attracted much attention in China.
In 2000, Southeast Motor launched its first compact SUV, the Fulica. In 2003, Southeast Automobile's first sedan, Lingshuai, was launched. In 2006, Mitsubishi Motors joined the shareholder, SOUTH Motors, and handed over the research and development, manufacturing, sales and after-sales business of non-complete imported Mitsubishi cars to Southeast Motors.
Southeast Motor has received support from Mitsubishi Vehicle Manufacturing and Research and Development, and has successively introduced products including Golan, Lanse, Wing God, Junge, Fengdisi and other products, while Southeast Automobile has independently developed Lingshuai, Lingshen, Lingli and other models based on Mitsubishi Motors. Under the influence of products and word of mouth, Southeast Automobile reached a historical peak in 2013, with annual sales of 116,000 units.
However, with the establishment of the GAC-Mitsubishi joint venture between Mitsubishi and GAC, Mitsubishi focused its development on GAC-Mitsubishi, and the Southeast Mitsubishi joint venture model was gradually delisted. After losing Mitsubishi's Southeast Motors, the market continued to deteriorate. According to the data, the cumulative sales of Southeast Automobile from 2018 to 2021 were 89279 vehicles, 30502 vehicles, 14654 vehicles and 8426 vehicles, respectively.
As for Chery Commercial Vehicle (Anhui) Co., Ltd., established on May 24, 2001, it is a wholly-owned subsidiary of Chery Holding Group Co., Ltd., which has two major brand series, Karry and Jietu.
Jietu brand was officially released in January 2018, under Chery Holding Group, the first model Jietu X70 became popular with accurate market positioning and super high cost performance after listing, and sales continued to exceed 10,000, becoming a dark horse in the SUV market.
At the beginning of 2019, the brand set a sales target of 150,000 vehicles, but the actual sales volume was only 138,000 units, and it failed to successfully complete the target. In 2020, Jietu Automobile set a target of 200,000 units, but due to the epidemic and market impact, the brand eventually sold only 130,700 vehicles, and also failed to achieve the annual target.
On July 8, 2021, the Jietu brand was upgraded to Jietu Automobile, becoming one of the three major brands on the same level as Chery and Xingtu, which also means that Jietu is no longer a product series of Chery, but an independent automobile brand.
The data shows that the cumulative sales of Jietu in 2021 154077 vehicles. At present, it is uncertain whether the rumored cooperation between Chery Commercial Vehicle and Southeast Automobile is true.
In Chery Holdings, jietu automobile sales are second only to Chery automobile, in the face of rising market competition, jietu does need to participate in some cooperation to enhance its scale, as to whether it will choose southeast automobile, and why choose southeast automobile, I believe that the interior is also after a detailed investigation.
For Southeast Automobile, the current sense of its presence in the market is not strong, lack of core technology and core products, and Chery, known as the "Polytechnic Man", naturally has a certain technical strength, and if Southeast Automobile chooses to cooperate with it, it may also be based on this consideration. From the perspective of the industry, the merger of strong enterprises has become the main theme of the automotive industry.
From 2020 onwards, many car companies have fallen into difficulties, and have been acquired by strong independent brands in the form of custody, reorganization or bankruptcy, such as Cheetah Automobile and Lifan Automobile.
Source: Automotive Industry Concerns
If copyright is involved, please inform us of deletion, and we will keep the views in this article neutral
The article looks good here