Recently, a PPT on chery commercial vehicle cooperation plan with Southeast Automobile was exposed online, and Chery Commercial Vehicle may acquire Southeast Automobile.
However, unlike the traditional capital acquisition, this acquisition is more like a domestic car struggling to survive in a difficult situation:
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, after the sales reached the standard, Southeast Automobile transferred 80% of the equity to Chery free of charge.
According to the plan, the two sides will begin to cooperate this year, with Southeast Automobile as the main body, Chery's new energy models labeled Southeast brand, and at the same time, 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 this regard, Southeast Automobile said, "There is no relevant information to disclose at present. 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." ”
It is reported that Southeast Automobile Industry Co., Ltd. was established on November 23, 1995, by Fujian Automobile Industry Group Co., Ltd., Warwick Co., Ltd. and Japan's Mitsubishi Tripartite jointly established, of which Fuqi Group holds 50% of the shares, the other two companies each hold 25%.
However, after the withdrawal of Mitsubishi, the sales volume of Southeast Automobile has declined, and the data shows that the cumulative sales of Southeast Automobile from 2018 to 2021 are 89279 vehicles, 30502 vehicles, 14654 vehicles and 8426 vehicles, respectively.