Yesterday, when browsing the Internet, I saw a news item titled "The Hyundai Motor plans to build a third factory in China to exclude the introduction of a new joint venture." The news said that Reuters quoted a report published by the Korean Internet News, EDIly, saying that Hyundai Motor Co., Ltd. The car intends to establish a third factory in China to cope with the increasing demand for cars. EDaily also pointed out that Hyundai does not rule out the expansion of the joint venture with another Chinese automobile manufacturer, because the Chinese government hopes that the company will conduct mergers and acquisitions as the Chinese automobile industry is being reorganized.
Reading this news, I can't help but wonder if there will be a new joint venture party with Hyundai in China. Who will it be?
Hyundai currently operates two joint ventures between Beijing Automotive (Beijing Hyundai) and Dongfeng and Yueda (Dongfeng Yueda Kia). According to China's auto industry policy, Korea Modern can have two car joint ventures and two commercial vehicle joint ventures in China. Before that, there were already two joint venture cars, but in commercial vehicles, modern joint ventures were not used.
Hyundai has another cooperative enterprise in China—Huatai Hyundai. Huatai has always hoped to establish a joint venture with Hyundai.
However, due to the fact that Huatai's "Temple" is really small, it is estimated that the possibility of correcting is not very great.
Who are the other potential joint ventures? At present, the car company that can be included in the list of the largest suspects, the author found only GAC.
Yes, it is Guangqi. Before Changfeng and Fiat, Zhongtai and Hyundai entered the sight of mergers and acquisitions/joint ventures.
Guangzhou Automobile's modern project can be described as "it was early, but it has not caught up with the late set."
The cooperation between Hyundai Motor and Guangzhou Automobile Group originated in September 2004. At that time, Hyundai took the initiative to find the Denway passenger car under the GAC Group and negotiated a full-scale joint-venture cooperation commercial vehicle project. On June 21, 2005, Hyundai Motor and GAC executives signed the "Guangzhou Modern Commercial Vehicle Project Cooperation Basic Agreement" in Guangzhou.
According to the agreement: Guangzhou Automobile Group and Hyundai Motor will launch comprehensive cooperation in the field of commercial vehicles and build a new Guangzhou modern commercial vehicle base in Huadu District, Guangzhou City. The overall scale of the project is an annual output of 200,000 commercial vehicles of all types, with a total estimated investment of 1.24 billion U.S. dollars, of which the first phase investment is 430 million U.S. dollars. GAC Group and Hyundai Motor Co., Ltd. jointly funded with each share of 50% of the company's shares, establishing an independent legal person status. Commercial vehicle joint venture. A commercial vehicle technology research and development center will also be established.
At the beginning of 2006, Guangzhou Automobile's modern project successfully completed site selection. The infrastructure of the new factory's road section was started in October 2005. The original planned factory with a total investment of US$1.24 billion has already been settled in Baoliang Village, Huadong Town, Huadu District.
However, things are unpredictable. In April 2006, Hyundai Motor’s series of global investment plans were almost completely suspended due to the “brutal door†incident of Zheng Mengjiu. The joint venture project with GAC Commercial Vehicles was naturally shelved. The construction of the Guangzhou Huadu new plant also fell into stagnation.
So, can GAC and Hyundai's joint venture restart?
The author believes that from the analysis of the two parties' negotiation intentions, there is indeed such a possibility.
This year, the strong rebound of Hyundai Motor in the Chinese market has provided confidence and guarantee for the resumption of its cooperation with GAC.
For GAC Group, which has already succeeded in cooperating with Japanese cars, the next step in relaunching modern commercial vehicle projects that already have a basis for cooperation is also reasonable.
According to GAC Group’s “Eleventh Five-Year Planâ€, by the year 2010, the scale of its passenger vehicle will reach 1.1 million; the introduction of (light, medium and heavy) trucks, light passenger vehicles and large and medium-sized passenger vehicles and other commercial vehicle products After that, its commercial vehicle capacity reached 230,000 vehicles. In the future, within the GAC Group, the ratio of passenger cars to commercial vehicles is 6:4.
According to the author's understanding, Hyundai Motor has specially built Yi'an Square, a six-lane road in Guangzhou, to rent an office for its chief representative in Guangzhou, Han Yong, to facilitate contact with Guangzhou Automobile.
In summary, it seems that the conditions for the relaunch of the Guangzhou Auto Joint Venture project have been initially available, but whether it can formally “step into the bridal chamber†depends on the geometry of the dowry that modern can give GAC.
View related topics: China's auto industry recommence mergers and acquisitions wave
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