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One stone provoked thousands of waves. On August 25th, a GM news about saving Opel’s consideration of selling assets in China quickly spread across the market. The first time, GM explained this, saying that this may be an article in foreign media. The misunderstanding caused by the translation process is "unfounded misreading by the media and without any factual basis." After some explanation, the truth is full of truth. At the same time, the rumors of a two-year increase in GM’s stake in Wuling also had new trends. SAIC-GM-Wuling disclosed a 2.1 billion yuan project transformation plan, which will increase the total vehicle production capacity to 300,000 units in the year, and General Motors While watching the expansion of Wuling, it also showed a satisfactory attitude toward the current share structure, and it is still thundery and rainy.
Impossible result
On August 25, the international market sent messages of general suspension of the sale of Opel, and at the same time, a "General is considering funding the retention of Opel, as an alternative to sell it to Magna, one of the common alternatives includes: The news of selling or mortgage assets in China to raise funds quickly spread across the market. It is doubtful that GM just announced a new concept of "NEW GM" a few months ago, clearly on the new GM China website. Consider the Chinese market as an extremely important part. In a short period of time, how will GM hit a slap in the face?
The credibility of the news caused widespread doubt in the industry. General China Public Relations Manager Zhang Wei said in an interview: “There is no factual basis. The argument that the sale or mortgage of Chinese assets is entirely speculation in the media.†She made the relevant statement Repeatedly used multiple negative words "impossible." According to her, the GM Park in Pudong Jinqiao will be completed in November this year, and the newly renamed General International Operations Headquarters will also be relocated to Jinqiao.
At this juncture, General Motors has moved the command center to Shanghai. The global platform products featured by the new Regal and the new LaCrosse are also rapidly becoming popular in the market. Nowadays, if the Detroit hears rumors, it is obviously an unwise move. .
The rumors are still prevalent because of the long delay in the sale of Opel. After BAIC bid for Opel out of the game, General Motors has been hesitating between the two sellers in Canada and Belgium. This left enough room for imagination for overseas media speculation. A few months ago, GM was in crisis at the time, although Opel had The importance of GM is self-evident, but GM has to consider selling Opel in order to get the urgently needed funds for relief. However, after being out of bankruptcy protection, the general improvement of the situation has brought new ideas to Opel.
Since the domestic funds in the United States are restricted from being used for overseas business, foreign media in the form of proposals can propose that GM can use the mortgage of Chinese assets to raise funds. "But the problem is that misunderstandings have arisen in the process of translating Chinese." General Public Relations claimed. "Overseas media just made a guess. This is not an idea from Detroit. Judging from the actual situation in the Chinese market, this speculation is not valid."
What is more important is that the Chinese market is a country that has been working hard for years. Whether it is the operation of a joint venture or the huge brand effect, GM’s influence in China is no worse than that of other rivals. Possibly, there is still enough room for how to continue to attack the cities.
Universal hope
Contrary to the rumors of the general mortgage of China's assets, perhaps the only thing that is really interested in GM is its growing mini-car business.
General Motors, which holds 34% of shares, issued an announcement this week that SAIC-GM-Wuling Automobile Co., Ltd., China's largest mini vehicle maker, began to reconstruct its eastern plant in Liuzhou, Guangxi, and started construction of an engine plant at the same time. project. According to Liuzhou, the total investment of the two projects will reach 2.1 billion yuan.
After the completion of the above project, the capacity of its east Liuzhou plant will be expanded from the current 200,000 to 300,000, while the engine plant's production capacity will increase from 350,000 to 525,000 units. In addition to the eastern factory, SAIC-GM-Wuling also has a 400,000-unit western plant in Liuzhou. In Qingdao, the company also has an assembly plant with an annual production capacity of 300,000 units and an engine production plant with an annual production capacity of 350,000 units.
Now let's revisit the equity structure of SAIC-GM-Wuling. SAIC-GM-Wuling, established in 2002, is a three-way joint venture between SAIC, GM and Liuzhou Wuling. The three joint ventures own 50.1%, 34% and 16.9% of the company respectively. Equity, then, the investment of 2.1 billion yuan in the new project will also mean that both GM and JV will have more investment.
This is just one of them. The bigger issue is whether GM has gradually expanded its investment in this mini-vehicle company. Does it have a desire to continue to expand its share ratio and take 16.9% of shares in Liuzhou?
GM China's answer to this is quite official, Zhang Wei said: "GM is satisfied with the current stock structure, this is the most reasonable answer I can give." And a GM executives had previously laughed in an interview : "When it comes to overweight, it's just a hope. As a matter of course, GM is willing to see such a result."
SAIC-GM-Wuling’s response to this is also an argument: “There is no equity adjustment plan for the company. If there is any adjustment, it will inform the media at the first time.†In such a node, whether it is GM or Wuling, There are ideas to go closer, but it seems that there is still no way to succeed. After two years of being fired, things have not yet come to a conclusion.
The only clue is that both parties seem to be reluctant to express themselves. As Liuzhou, they are eager to name the micro-car company and hope to continue to develop medium-class vehicles based on the existing scale. It is believed that the second-phase renovation and expansion project with 2.1 billion yuan investment will It is not that simple, "under the premise of ensuring the supply and demand of mini-cars, the co-production of cars and commercial vehicles is the next step for Liuzhou," said one industry analyst.
As a general aspect, as long as there is such a demand in Liuzhou, there is no doubt that one of the best technology platform providers has a greater say. “For the development of passenger vehicle projects, both the government and the shareholders have a high Concern and willingness to provide good resources support." SAIC-GM-Wuling said insiders.
Whether GM will use technology as a bargaining chip and increase its investment in Liuzhou, it still looks like it is still going.
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