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Dai-ke will spend 820 million yuan to subscribe for 297 million new shares issued by Foton Motor, which will account for 24% of the total issued shares of Foton Motor after the completion of the issuance.
On January 13, Daimler-Chrysler (hereinafter referred to as Dai-ke) company director, Renschler, the president of the Commercial Vehicle Division, and Walker, the chairman and CEO of Northeastern Asia, led a delegation to Beijing Foton. Futian signed the "Directional Issuance and Share Subscription Agreement" and the "Agreement".
According to the "Oriented Issuance and Share Subscription Agreement," Dai-ke will spend 820 million yuan to subscribe for 297 million new shares issued by Foton Motor. The number of new shares will represent 24% of the entire issued shares of Foton Motor after the completion of the issuance. This directional issuance issue has been approved by the company's board of directors and the extraordinary general meeting of shareholders.
According to the "Agreement on the Alliance", based on Daikook's holding of shares in Foton Motor, the two parties will cooperate fully in the field of commercial vehicles. Among them, the China Card and Heavy Truck Alliance project will increase the competitiveness of the current Futian product portfolio and develop export opportunities. The light truck capacity alliance projects include the use of Dai-ke technology in China to improve the competitiveness of Foton light trucks, and use Dai-ke sales network resources for export. The MB (Mercedes-Benz) Truck Wholesale Alliance project will explore the possibility of authorizing Foton Motor as the distributor of the Dai-Ke Group MB trucks in China.
At present, the above-mentioned cooperation projects still have to be approved by the Ministry of Commerce and other relevant government departments. “From a policy perspective, cooperation between the two parties has no obstacles and approval is reasonable. In addition, if the alliance project is successfully implemented, it does not seem necessary to establish a joint venture company. In the future, with the solution of the Yaxing Mercedes-Benz problem, the joint venture will naturally be natural. It will be a matter of course,†said Chen Qianning, an automotive analyst at Tianxiang Investment Consulting.
Fukuda's opportunities
If these projects can be implemented smoothly, Dai-ke will fully penetrate the Chinese commercial vehicle market with huge growth potential. Therefore, some automotive industry analysts believe that the Union Dai Ke is a major positive for Futian and will significantly increase Foton's brand influence and product competitiveness in the commercial vehicle sector.
Foton Motor has formed a full range of commercial vehicle systems, including light trucks, medium and heavy trucks, light passengers and large passengers. According to the 2005 annual report of Foton Motor, its light truck market share is 36%, ranking first in the country, and the heavy truck market share is 17.05%, and sales volume ranks second in the country.
Foton Motors is known as the largest commercial vehicle company in China, but future growth is still faced with many factors such as technology, funds, and core components.
In the light truck market, Foton Motor has the highest market share, but it is mostly low-end products with low added value. In terms of heavy trucks, core components such as engines, transmissions, and axles are subject to human control, and they are also facing strong competition from FAW, Dongfeng, Shaanxi Auto, China National Heavy Duty Truck and many other companies. And the profitability of Foton Motor is gradually declining. In the first three quarters of 2006, Foton Motor had a loss of 20.82 million yuan.
More than 800 million of Dai Ke's shares will be used for product upgrades and enrichment of capital to reduce the high debt-to-high debt ratio. Dai Ke's advanced technologies and products will directly improve its product structure and improve its performance. Product competitiveness.
According to related parties from Foton Motor, the two sides will also cooperate on heavy-duty engine projects. The main reason for the declining gross profit margin of Foton Motor is that the outsourcing cost of the core component assembly is too high. The engine cooperation between the two parties will help reduce their procurement costs and improve profitability. In October 2006, Foton Motor and Cummins Company established a light engine joint venture company for this reason.
In the expansion of overseas markets, Foton Motor will also benefit from Dai Ke's global sales network, greatly reducing the risks and costs of the internationalization of Foton Motor, and accelerating the implementation of 25%-30% of its products exported overseas in 2010. aims.
Dai-ke: Partner or spoiler
For China's commercial vehicle market, Dai Ke will play what role? Does Dai Ke's shareholding in Futian and the eventual establishment of a joint venture mean the arrival of a new joint venture era in China's commercial vehicle market?
Heavy truck companies including Mercedes-Benz, Volvo and Renault have all determined that China's economic growth is strong, road investment is expanding, and the truck market has a bright future. Sales growth is expected to remain at least about 10% of GDP.
Roland Berger International Consulting even predicts that from 2005 to 2008, the Chinese heavy truck market will grow at a rate of 15%-20%. However, several joint ventures and cooperation projects so far have been unsuccessful. The joint venture project between Volvo and China National Heavy Duty Truck has already existed in name only.
As the world's largest manufacturer of commercial vehicles, Dai-ke has a market share of more than 20% in the truck market with a total of more than 6 tons in the world. For the fast-growing Chinese market, it is also natural to covet. Although it was delayed for several years, it caught up with a good time. The heavy truck market in China has experienced steady growth after a decline in 2005. At this time, heavy trucks entered the market and the risk is relatively small.
For Dai-Ke, the most obvious benefit of Fukuda’s full alliance is that it can quickly infiltrate the fast-growing Chinese commercial vehicle market. Through both the MB (Mercedes-Benz) Truck Wholesale Alliance, Mercedes-Benz trucks will quickly penetrate through the mature sales and after-sales service system of Foton Motor in China. A few years ago in the northeast China and other places, some dealers in Foton have already started trial sales of Mercedes-Benz trucks.
The transformation of local partners' products and the introduction of Dai Ke's products have been proven to be successful in North America and Japan.
“Fukuda Motors is not worried about the impact of Mercedes-Benz brand trucks on the Futian brand products.†Cui Peng, director of Foton Motors' public relations department, said that when Futian and Dai-Ke first discussed cooperation, they had established the principle of dual-brand operation. Once the cooperation can be implemented, Foton will also produce commercial vehicles of the Mercedes-Benz and Foton brands.
"As to whether the Mercedes-Benz brand products will impact the Foton brand's products, it depends on the circumstances."
Chen Qining analysis believes that the future positioning of Foton and Dai-Ke's respective products is obvious: Mercedes-Benz brand truck positioning high-end market, Foton brand truck positioning low-end market, the two can form a complementary relationship. An important reason for the failure of the joint venture between Volvo and China National Heavy Duty Truck Co. is that the joint venture company only produces Volvo brand trucks, and the interests of the joint ventures have no common ground.
Different from the cooperation in the car market, most commercial vehicle companies in China have mature technologies, strong capabilities, and local advantages. For foreign companies entering the Chinese market, it means more to the competition than the cooperation. Therefore, even if joint ventures with foreign companies, China's commercial vehicle companies have the right to speak louder than car companies.
Therefore, if foreign commercial vehicle companies want to give birth to the Chinese market, it is the best policy to conduct equal cooperation based on dual brands with local companies.
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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