After completing the layout of the passenger vehicle market, multinational car companies began to accelerate the staking of China's commercial vehicle market.
Recently, Luo Lixiang, chairman and CEO of Ford China, told reporters that with the completion of the acquisition of Taiyuan Zhongqi by its partner Jiangling Motors, Ford will accelerate the introduction of heavy truck products into the Chinese market through JMC. The first product is expected to be launched in the second half of this year. It may be a low-end, mid- to low-end product.
Prior to this, many multinational automobile companies, including VW, GM, and Nissan, had taken the lead in the distribution of China's commercial vehicle market. German Daimler, Navier, and Volvo of Sweden also successively entered into joint ventures with Beijing Foton, Jianghuai Automobile and Dongfeng Motor for commercial vehicles. Cooperation projects.
However, for the Ford heavy-duty trucks into China project, a number of brokerage research institutions said the prospects are unknown. An analyst, who did not wish to be identified, pointed out that the current status of Taiyuan's loss and the overall downturn in the heavy-duty truck industry will adversely affect JMC's short-term performance.
By Jiangling Heavy Duty Truck
In August 2012, Jiangling Motors purchased a 100% stake in Taiyuan Changan Heavy Duty Truck Co., Ltd. for a total investment of 270 million yuan, resulting in the final landing of Ford's layout into the Chinese heavy truck market. On January 8 this year, Taiyuan Heavy Duty Truck completed the change of business registration and formally changed its name to Jiangling Heavy Duty Truck Co., Ltd.
An insider of Jiangling Motors stated that after completing procedures such as the registration of the Trade and Industry Bureau, Jiangling Motors has sent a team to Jiangling Heavy Duty Truck in Shanxi Province to carry out related research projects in the areas of channel construction and product improvement, as well as procurement and financial budgets. And other related functional departments to integrate.
According to the plan, the new Taiyuan Heavy Duty Truck will be a wholly-owned subsidiary of Jiangling, with an independent legal personality, and will continue to revive its card production and operation and related businesses. In the future, Ford and JMC will invest a total of 3.415 billion yuan in JMC, and eventually build a large-scale heavy-duty truck company with an annual output of 100,000 heavy-duty trucks and 100,000 engines, and the main business will reach more than 20 billion yuan. . Among them, the entire vehicle project was constructed in two phases. The first phase of the project was started in April of this year and the designed annual production capacity was 20,000. It is expected that the construction will be completed next year and will be put into operation in the first half of 2015; and the first phase of the engine project will also be in April this year. The construction is expected to begin in the second half of 2015 and the designed annual production capacity will be 10,000 units.
The reporter found that the Jiangling Motors’ announcement found that in early April of this year, the company’s board of directors approved a project named “J16 Short-term Products†by Jiangling Heavy Duty Truck with a total investment of RMB 33.7 million (including RMB 12.1 million approved in the previous period). According to the announcement, J16 is a heavy-duty truck product independently developed by JMC, and the commissioning time is in the second half of 2013. It is likely that JMC will officially enter the market as a "head force."
The insider told reporters that in the future, JMC and Ford’s vehicle introduction plans will adopt a two-line strategy. In addition to the introduction of heavy-duty commercial vehicles based in Taiyuan, Ford will introduce light commercial vehicle products to Jiangling Motors. However, he stressed that the specific product plan has not yet been finalized. “At present, we are still in the product improvement stage. The early stage will mainly push JMC brand products. Later, we will introduce Ford products. JMC heavy trucks will enter the market with high cost performance, but this positioning is only for heavy truck products. Which models are introduced in light commercial vehicles? in."
Luo Lixiang admits that for Ford, who used to "get up early, get up late," to get a seat in China's heavy truck market, the biggest difficulty faced is how to meet the needs of consumers "quickly and well." He said: "We need to provide them with products that are affordable and of excellent quality and that meet national emissions and safety requirements. This is the biggest difficulty for us."
Or drag Jiangling performance
Although Jiangling Zhongqi has already consciously accelerated the pace of its integration and accelerated the launch of its products, the industry is not optimistic about the prospect of Ford taking Jiangling’s decision to re-load the Chinese heavy truck market.
An analyst at an unnamed securities company told reporters that due to the continued sluggishness of the heavy-duty truck industry in recent years, the progress of the current recovery has been slow; on the other hand, Taiyuan CNHTC itself is not competitive, improving management, reducing costs and increasing efficiency. Time, so before the introduction of Ford products, relying solely on the Jiangling brand of low-end products, it is difficult to make a significant contribution to the performance of Jiangling Motors. However, he stressed that in the long run, due to the saturation of light truck light passenger vehicle industry, the development space is already small. The introduction of heavy trucks by Taiyuan Heavy Duty Truck will bring new opportunities for the development of JMC, which can change the current situation of a single product line.
Li Ziliang, deputy director of consulting at the Automotive Research Center of Beijing Zero Consulting Group, believes that the current concentration of China's heavy truck industry is relatively high. The top five companies in the industry, Dongfeng, CNHTC, FAW, Foton and Shaanxi Auto, occupy more than 70% market share, especially Under the background of accelerating domestic emission-boosting products, the requirements for talents, technology, funds, and channels in the heavy truck market are more demanding than ever.
In fact, as early as in 2005 Ford had introduced the heavy truck product Cargo through Jiangling's distribution network, and once it was reported that Cargo would go public in China in the second half of 2007. However, it was followed by Jiangling’s withdrawal. The heavy truck division ended.
Therefore, since the announcement of the specific plan for the acquisition of Taiyuan CNHTC last year, Jiangling Motors has also been questioned by many investors. Several brokerage research institutions all stated that the status quo of Taiyuan's loss and the overall downturn in the heavy truck industry have increased the market's worries about Jiangling's performance. The short-term acquisition of Jiangling Motors constitutes a bearish position. It is expected that Taiyuan's heavy trucks will lose 50 million yuan in 2012. Above, the negative impact on corporate profits is expected to be between 2% and 3%.
According to statistics from the China Association of Automobile Manufacturers, domestic sales of heavy goods vehicles (including non-integrated vehicles and semitrailer tractors) totaled 81,500 vehicles in April this year, an increase of 30.73% year-on-year. Industry analysts pointed out that the recovery of the heavy-duty truck market in April largely benefited from the mild recovery of the macro economy and the rapid growth of infrastructure investment in the fourth quarter of last year and the first quarter of this year. At the moment, although the overall macroeconomic situation is still in a stable range, economic demand is weakening, so the heavy truck market at the end of the second quarter and the third quarter is still uncertain.
Jiangling Motors’ 2012 financial report showed that it was dragged down by the acquisition of Taiyuan Zhongqi. Last year, the company's net profit was 1.517 billion yuan, a year-on-year decrease of 18.92%; total assets were 13.11 billion yuan, a decrease of 0.48% from the previous year. The announcement said that in 2013 the company strived to achieve revenue of about 20 billion yuan, up 15% from 2012. In the first four months of this year, the cumulative sales volume was 77,151 units, an increase of 5.02% over the same period of the previous year, including 298 heavy truck sales.
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