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A news about SAIC's acquisition of the GM India plant and the introduction of Wuling Micro-vehicle into the Indian market has attracted much attention in the industry.
Sources revealed to this newspaper that SAIC’s acquisition of the GM India plant has been basically completed and SAIC has now become a major shareholder of the GM India plant.
“This matter will be formally announced shortly. By the end of this year or early next year, a mini-vehicle of SAIC-GM-Wuling will be put into operation at an Indian plant.†The source was very positive.
SAIC moves into overseas more cautious
After the acquisition of Ssangyong, SAIC took a more cautious attitude in its overseas expansion.
Since the second half of last year, the rumors of the participation of domestic auto makers in the acquisition of Opel and Volvo have been buzzing. The SAIC Group, which is recognized as having the most international management capabilities in the industry, has been unable to move, and a few rumours have finally disappeared.
Therefore, the rumors of SAIC's acquisition of an Indian plant attracted much attention. "Shangqi Group is in talks with General Motors to acquire GM's plant in India and plans to put SAIC-GM-Wuling’s products in the plant, which will open India's potential to be second only to China's auto market."
The reporter contacted the public relations department of SAIC and received no response. However, the overseas strategic initiatives recently announced by SAIC Group indicate that SAIC Motor is unlikely to have little idea of ​​India's potential market.
At the beginning of June, SAIC Motor announced that it had established “Shanghai Automotive Hong Kong Investment Co., Ltd.†with a registered capital of US$9.9 million. It is mainly engaged in international trade, investment, technology and other businesses of complete vehicles and key parts and components, improving Shanghai Automotive's ability to operate internationally, and setting up investment and financing platforms for overseas businesses.
This was seen as a new move by SAIC after the acquisition of Ssangyong and other overseas strategies. Industry analysts believe that after the acquisition of Ssangyong, SAIC will adopt a more secure way to promote overseas business - unlike the previous single-handedly acquired, it is likely to adopt an alliance approach; with the previous acquisition is mainly to obtain technology, the new overseas strategy More emphasis on market expansion.
The Indian market in close proximity is one of the "BRIC countries" favored by the world and Chinese research institutes, and the automobile consumption potential is second only to China. At present, India has less than 10 cars per 1,000 people, which is equivalent to our 1995 level.
Relevant research shows that if the average growth rate of the Indian automobile market remains at around 15%, the new car market in India will reach 4 million by 2015. By 2016, the annual income of the Indian automotive industry will be US$125 billion. India, on the other hand, is equally ambitious in becoming a major automobile manufacturing country and offers various preferential policies for foreign investment. The Indian government proposed in the "Automobile Development Plan (2006-2016)" that by 2016 it will become the world's seventh-largest automobile manufacturing country.
GM wants to replicate China's experience
GM also declined to comment on the widespread rumors. However, in the eyes of people in the industry, GM urgently needs to join hands with SAIC to develop the Indian market. GM does not want to miss the opportunity for rapid growth in the Indian market, but it is not well-funded after the bankruptcy reorganization. GM's close partner, SAIC, has abundant cash flow and is very interested in overseas markets.
In the new GM's revitalization plan, Asia is an important strategic market. In Asia, the two countries with the greatest potential for car consumption are China and India. In the mid-1990s, GM began to develop the Indian market and hoped to replicate China's success in India.
GM had planned to occupy 10% of the Indian market by 2010. If GM can achieve the same success in China in India, the new GM may regain the throne of the world's first car.
However, the high-profile GM India companies have not developed satisfactorily. Indian consumers’ purchasing power is weak and automobile consumption is mainly concentrated on low-end models. The best-developed Indian market is the mini-car manufacturers such as Tata in India and Suzuki in Japan. The lack of minicars and cost-inappropriate GM has not found effective ways despite numerous attempts in the Indian market.
In 2008, the sales volume of General Motors of India was 65,702, a year-on-year increase of 9.5%. Although this performance is relatively good in the general Asian performance, it is far from the expected target.
Since the beginning of this year, thanks to a series of favorable policies, the Indian automobile market has gradually recovered and Suzuki’s and modern Indian plant sales have increased substantially. By contrast, GM's Indian factories are still weak.
General selection at this time join hands with SAIC to enter the Indian market, there are also concerns about the Chinese market. The willingness of SAIC-GM-Wuling’s local government to launch a sedan is very strong, and it is willing to transfer a 16.9% stake in local government to GM to obtain a sedan project. SAIC Motor, however, is a major shareholder of SAIC-GM-Wuling (50.1%). GM’s increase in shareholding needs to be recognized by SAIC.
SAIC Motor has agreed that GM will increase its holdings of SAIC-GM-Wuling, and GM will transfer some of the shares of the Indian plant to SAIC. This seems to be a mutually beneficial choice.
Wuling Locomotive First Pathfinder
Both SAIC and GM China did not respond to the above rumor. Instead, the SAIC-GM-Wulings public relations department's reply was intriguing: “The two major shareholders all hope that we will have better development and have discussed various proposals. It is only that there is no certainty that the news can be confirmed. disclose."
The idea that GM took Wuling products out has long been known. When GM held a global dealer conference a few years ago, dealers in India and other places proposed that they would be able to represent Wuling's microcars. In August of this year, GM announced that Wuling's two mini-vehicles will be linked to the Chevrolet standard and exported to North Africa, South America and the Middle East.
However, at present, GM has only 34% of the equity in SAIC-GM-Wuling. After gaining more equity, GM will be more assured that Wuling products will be included in its overseas network.
In fact, SAIC and GM have long since joined hands to overseas development. Three years ago, SAIC and GM considered the introduction of micro-cars into India. In addition, the two sides also considered jointly developing markets such as Vietnam and Indonesia.
In consideration of both parties, the Wuling microcar with mature products and low prices is the most competitive and most suitable for the needs of emerging markets such as India. "SAITIC holds up to 50% of the shares in GM India. Wuling MG will soon put into production at its Indian plant," a source revealed.
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