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On August 30, China FAW Group Corporation and General Motors Corporation announced in Changchun that "FAW-GM Light Commercial Vehicle Co., Ltd." was listed. In the newly established FAW-GM Light Commercial Vehicle Co., Ltd., China FAW and General Motors each have a 50% stake in the company. The total investment of the project is 2 billion yuan and the registered capital is 1.2 billion yuan. The term of the joint venture is 30 years, and the joint venture company is registered in Changchun City, Jilin Province. FAW Harbin Light Vehicle Co., Ltd. and FAW Hongta Yunnan Automobile Manufacturing Co., Ltd. are subsidiaries of the joint venture company.
GM finally handed FAW
Following the Volkswagen (China), GM China became another foreign-owned company with steam and FAW, respectively, and the latter two were domestic automakers ranked first and second. The first and second will undoubtedly further amplify the advantages of GM in China. In 2008, General Motors sold 1.09 million vehicles, which was the largest number of foreign car dealers in China. The second place happened to be Volkswagen.
It is understood that FAW-GM had passed the pre-approval of the State Administration for Industry and Commerce as early as February of this year, and it plans to formally be listed in March. However, because General Motors was in a bankruptcy crisis this time, the establishment of the company was postponed until half a year later. The newly established FAW-GM will be mainly engaged in the research and development, production and sales of light trucks, light buses and related assemblies and components. According to the plan, the existing products and products developed based on the FAW brand will still use the FAW Jiefang brand, while the products imported from GM will use the GM brand.
At present, General Motors's GMC company, which specializes in the production of commercial vehicles, supplies most of its products to the US domestic market. Only a small amount is exported to Latin America. Commercial vehicle companies jointly established with FAW Group will become GM's global exporters. The production base. At the same time, with the establishment of FAW-GM, all four GM brands that have undergone bankruptcy protection are expected to enter China.
On the other hand, the huge potential of commercial vehicles in the Chinese market is also an important reason for general interest. According to data from the National Association of Passenger Car Information, there are about 30 million domestic agricultural vehicles. With the implementation of fuel emission standards, the improvement of rural road conditions, and the increase in farmers’ income, these vehicles will face upgrading. This is an opportunity for light truck companies.
Cooperation with FAW Group to Avoid Internal Consumption
According to the provisions of the automobile industry policy, a foreign-funded company can only establish two joint ventures in one category. Since entering the Chinese market for more than a decade, General Motors has been focusing on cooperation with SAIC. Both licenses in the field of passenger vehicles are related to SAIC. The two joint ventures, Shanghai GM and SAIC-GM-Wuling, are their respective market segments. The leader.
Now, for the first time in the field of commercial vehicles, GM has chosen FAW. This not only avoids the contradictions that Volkswagen (China) has faced in the field of passenger cars, but also relies on the planning of the North and South public vehicle models. FAW's deep government resources have gained more say in various domestic industrial policies.
It is reported that the main body of the joint venture company is FAW Light Vehicle Co., Ltd. The headquarters of the joint venture company will be located in Changchun City, Jilin Province. The two production bases are located in Harbin City, Heilongjiang Province and Qujing City, Yunnan Province. These two bases are also the production base of FAW Light Automobile Co., Ltd. FAW Light Car Co., Ltd. is a wholly-owned subsidiary of FAW Group, with a registered capital of RMB 650 million. It was established in December 2007 and has an annual output of 230,000 vehicles. It produces light commercial vehicles, pickups, micro cards, and commercial vehicles. According to sources, FAW-GM plans to produce 100,000 cars in 2010, reach a production and sales target of 250,000 by 2015, and realize sales revenue of 15 billion yuan.
When the FAW-GM will introduce the GMC and Chevrolet commercial vehicle models, GM officials said that there is no specific timetable. As a continuation of the SAIC-GM-Wuling model, General Motors may temporarily not enter models, but will only embed management experience and marketing models into new joint ventures.
View related topics: Joint venture hot car
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