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A new round of expansion quietly restarted
Dongfeng Motor, which has not moved for many years, quietly reopened the gate of expansion.
On October 22nd, Dongfeng Motor and GETRAG, the world's largest transmission company, signed a joint venture contract in Beijing. Both parties jointly invested 120 million euros in the development of internationally popular dual-clutch automatic transmission products in Wuhan.
This is the second overseas acquisition announced by Dongfeng within the last month.
A month ago, Dongfeng Automobile had just signed a contract with Sweden-based TEngineering AB to acquire 70% of its equity.
Overseas mergers and acquisitions is the epitome of Dongfeng’s recent intensive expansion. Previously, Dongfeng joint venture reorganized Yunnan Automobile Company. At the moment, Dongfeng's reorganization of the Fujian Automobile Group, Dongfeng Joint Venture Volvo, Dongfeng Joint Venture Renault and other projects are also in full swing, and new overseas merger and acquisition plans are quietly advancing.
A series of big moves showed that the long-awaited Dongfeng has quietly started a new round of big expansion.
Overseas bargain-hunting is "chasing the heart"
Ten years ago, the east wind was very difficult. The joint venture rewritten the fate of Dongfeng.
In a joint venture with France, Japan, and South Korea, New Dragon, Dongfeng Honda, and Dongfeng Nissan were established. Ten years later, Dongfeng became the most profitable car company in China.
However, in 2002, after Dongfeng and Nissan set a record for the largest joint venture project in the Chinese automotive industry, Dongfeng's M&A and restructuring were more robust.
This year, Dongfeng, the leader of the once-influenced joint venture of Chinese car companies, has once again attracted attention. “In the past 10 years, Dongfeng has taken a strategic position and the development of Dongfeng in the next 10 years needs to strengthen resources, strengthen strategies, and strengthen independent technologies.†Zhou Wenjie, deputy general manager of Dongfeng, said that Dongfeng’s new round of expansion focused on technology.
This is the common voice of the Chinese automotive industry. The joint venture opens a door for the Chinese automobile industry. However, in the face of self-owned brand cars, Guo Konghui, an academician of the Chinese Academy of Engineering, questioned the Wuhan International Auto Show: In order to exchange technology for the market, does China's auto companies get the core technology?
This is the paradox of Chinese auto companies and has also become the driving force for the new round of Chinese auto companies' expansion.
Zhu Fushou, general manager of Dongfeng, said that Dongfeng’s overseas mergers and acquisitions are trying to use international resources to introduce, digest and absorb key technology assemblies, and gradually cultivate Dongfeng’s own core talents and technologies.
Dongfeng’s two overseas expansions have been very successful. The acquisition of TEngineering AB and 32 engineers of T Company are all world-class experts in automotive electronics control, powertrains, and so on. In a joint venture with GETRAK, the move into the high-end gearbox field has played an important supporting role for Dongfeng Motor’s autonomous development towards the high end.
The joint venture's joint venture brings the foundation of vehicle production. However, the source of key technologies for automobiles also needs to “eat one by one†from the key components such as engines and transmissions. Zhou Wenjie said that overseas mergers and acquisitions or reorganizations are "shortcuts" to improve the technological level.
Who runs fast, who will survive in the future
At the time of accelerating the overseas dip at the bottom, Dongfeng did not forget the “staking their claimsâ€. Restructuring Fuzhou, joint ventures such as Volvo, and Renault have frequently made “bullets†more frequent than before. This year, domestic car manufacturers started an upsurge of expansion. Several car companies started new factories in Beijing, Dalian, Xinjiang, Wuhan, Yancheng and Xiangyang, and nearly ten car manufacturers announced plans for expansion in the next two to three years.
Affected by the economic crisis, the world auto market continued to slump. The big expansion during the downturn is puzzling. “This is the inevitable choice for a new round of competition.†Zhang Guofang, vice president of the Automobile Engineering Institute of Wuhan University of Technology, believes that the basic law of car companies’ competition is scale competition. In the face of the dual pressures of overcapacity and downturn in the auto market, car companies must survive. It can only expand, and whoever runs faster will survive, and the latter will be eliminated or annexed.
"We are both hands-on and both hands are hard." Dongfeng people said that with an increase in the production of whole vehicles, the core technology will be promoted by one hand. Under the new expansion of "two-wheel drive," the preemptive players will have the ability to survive in the future. In the future competition, we can certainly eat more cakes in the market.
“Under the new round of expansion, a new round of car shuffling will inevitably become a reality.†Zhang Guofang believes that in the next 3 to 5 years, Chinese auto companies will reshuffle, and the strong will Hengqiang, industry With the increase of the degree of concentration, the scale of mergers and acquisitions and restructuring will continue to grow.
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