Waiting for 10 years, the other boots of the Dongfeng Renault Joint Venture finally fell. Today (December 16) morning, the signing ceremony for Dongfeng Renault joint venture cooperation project was held in Wuhan. Directors of Dongfeng Group Xu Ping, President Zhu Fushou, Renault CEO Carlos Ghosn, Chief Competition Officer Bollory, Senior Vice President and President of the Asia-Pacific region Logiole and other senior executives all arrived at the scene to show their commitment to this joint venture project. Pay attention. Dongfeng Renault Automobile Co., Ltd. (hereinafter referred to as "Dongfeng Renault") made its debut with the executive team represented by President DAIYE and Executive Vice President Hu Xindong.
The Dongfeng Renault Joint Venture Project plans to invest 7.76 billion yuan to manufacture and sell Renault-branded passenger vehicles in China, and plans to develop joint venture autonomous vehicles and new energy vehicles under the Dongfeng brand. So far, the world’s top ten multinational car companies are all located in China. Establish a production base. However, Dongfeng Renault’s joint-venture negotiations started in 2004 and experienced several interruptions. It took ten years to sign contracts and missed the fastest-growing “golden decade†in China’s auto market.
"In terms of timing of entry, we can understand this way: China's auto market is still in a growth phase, and it is an increase in a large number of bases. Of course, there are market opportunities. From the perspective of capacity building, based on the collaborative relationship with Dongfeng Nissan, the project cooperation The conditions are more mature.†A senior Dongfeng Renault told the “First Financial Daily†reporter that Dongfeng Renault will fully integrate Renault’s current import vehicle business and dealer network, and “cooperate†with Dongfeng Nissan in procurement and other fields. To reduce costs, quickly enter the market and shorten the investment cycle.
The reporter was also informed that Dongfeng Renault was established on the basis of the restructuring of Sanjiang Renault. The latter is only qualified for MPV and SUV production. Dongfeng Renault must achieve annual revenue of RMB 1 billion within three years of production in order to apply to the competent authority for car production qualification. It is the first test of the "latecomer".
Drop-in joint venture
Whether it is a coincidence or deliberate arrangement, Wuhan Donghu Hotel happens to be the place where Dongfeng Motor and Nissan signed a 17 billion yuan joint venture contract ten years ago.
On the morning of the 16th, Dongfeng Motor Group Co., Ltd. (00489.HK, hereinafter referred to as "Dongfeng Group") and Renault Automobile Joint Venture Passenger Vehicle Project signed an agreement at Wuhan Donghu International Conference Center. The two sides formed Dongfeng Renault Automobile Co., Ltd. on the basis of the joint reorganization of Sanjiang Renault Automobile Co., Ltd., and initially planned to build a factory with an annual output of 150,000 multi-purpose passenger vehicles and supporting engines. The total investment of the project is 7.76 billion yuan.
Dongfeng Renault Plant is located in Huangkoukou Industrial Zone, Wuhan City, Hubei Province. It covers an area of ​​95 hectares and is currently under construction. According to the news released by the Wuhan Municipal Government, in addition to the above 7.76 billion yuan investment, Dongfeng Renault will increase the total investment to 11.2 billion yuan to increase the construction of car factories. Dongfeng Renault senior told the reporter that the purpose of the phased construction was to increase investment efficiency, but also because Sanjiang Renault did not have car production qualifications.
Dongfeng Renault’s temporary office is located in the Donghe Center near Dongfeng Automobile’s Wuhan headquarters and currently employs approximately 300 people. Dongfeng Automobile Legal and Securities Affairs Minister and Head of Capital Operations Hu Xindong served as the executive vice president of the joint venture company, and was the highest head of the Chinese party; and Renault formerly the vice president of global after-sales services, Tak Yee, became the president of the joint venture company. Dongfeng Renault’s board of directors consists of eight members. The chairman of the board will be appointed by the Chinese side, while the French side will serve as the president and rotate for four years.
Dongfeng Nissan delivered approximately 40 mid-level and senior managers to Dongfeng Renault, including the former deputy head of the Dongfeng Nissan Market Headquarters and Chen Yu. The newly formed Dongfeng Renault team is more like a microcosm of the globalization of the automotive industry. In addition to employees of Chinese and French nationality, employees also include Japanese employees and Korean employees, respectively from Nissan Motors and Samsung Reynolds.
It is worth mentioning that the joint venture contractor is Dongfeng Motor's Hong Kong listed company Dongfeng Group, which means that Dongfeng Renault will inject into the listed company platform.
"Dongfeng's revenue largely depends on its two Japanese joint ventures. Adding a European brand joint venture company is beneficial to the balance of the Dongfeng business structure." An insider of Dongfeng Motor told this reporter. For a long time, Dongfeng Nissan and Dongfeng Honda's two Japanese joint ventures contributed more than 50% of the sales and contribution rate of Dongfeng Motor, and the trend of Japanese cars became an important factor in determining the overall performance of Dongfeng Motor. Affected by the Japanese car incident in 2012, Dongfeng Group's sales revenue was 124.036 billion yuan, a decrease of 5.6%; net profit was 9.092 billion yuan, a decrease of 13.25%.
It is worth noting that Dongfeng Motor has frequently expanded its M&A operations in recent years. In the first half of this year, Dongfeng Commercial Vehicle Co., Ltd. was established with Volvo Car Group and a new joint venture company was established in 2012 with GETRAG Transmission and Smith Semitrailer. . In addition, Dongfeng Motor is also promoting the restructuring of the Fujian Automotive Industry Group and the French Peugeot Citroen Group.
Latecomer Challenge
Although there is no practical significance for the discussion sooner or later, there is no doubt that Dongfeng Renault missed the “barbarous growth decade†of the Chinese auto market. In contrast, after the auto companies established after 2010, losing their high-growth bonuses, they encountered all the problems caused by increased competition without exception.
In order of company establishment time, the new automobile companies established after 2010 are GAC Fiat, Dongfeng Yulon, Guangzhou Automobile Mitsubishi and Guanzhi Auto. However, because Guangzhou Automobile Mitsubishi has inherited Guangqi Changfeng Plant, sales channels and procurement system, its product launch speed is faster than other auto companies.
In the first 10 months of this year, Guangqi Mitsubishi had a total of 150 dealers nationwide with cumulative sales of 30,000 vehicles. On average, each dealer sold only 16.67 vehicles a month. The sales volume of its small SUV Jin Hong monthly is 3,000 units, which is lower than the average of 5,500 units of the joint venture brand SUV. The current sales volume is not enough to support the dealers to get rid of losses. Similar problems also appeared on GAC Fiat and Dongfeng Yulong, which collectively represented low sales, low brand awareness, small dealers, and general losses. The more extreme performance is Chery Automobile's investment in Qoros Automotive. The company’s first product has begun to be sold, but the total number of dealer stores nationwide is only 21 (including those that are not officially open).
“In addition to the brand awareness, the most difficult problem for the new brand is that it is difficult to recruit enough dealers with high quality. The high-quality dealers have already been divided by mature brands, and there are still many dealers left to leave new resources. Brand?†Zeng Zhiling, general manager of LMC Automotive Market Consulting (Shanghai) Co., Ltd., told this reporter.
Among the four automobile companies established after 2010, GAC Fiat expects to have 170 dealers by the end of the year, Guangzhou Automobile Mitsubishi has 150 dealerships, and Dongfeng Yulong is expected to open about 180 businesses. According to statistics from the top three automotive brands in the country, each car company has an average of 929 dealers.
Dongfeng Renault plans to start production of its first product in early 2016 and will face the same problems without exception. However, Dongfeng Renault executives told this reporter that the full integration of Renault’s imported Chinese car business and dealer network will help Dongfeng Renault quickly open up the situation.
Renault China was established in 2010 to lead the sales of imported Renault cars and currently has about 92 franchised stores in China. Dongfeng Renault said that Renault China will be merged into one of the sales departments of Dongfeng Renault and its office address is still located in Beijing.
The person also said at the same time, Dongfeng Renault will be in the framework of the Dongfeng-Renault-Nissan "Golden Triangle" cooperation, and Dongfeng Nissan in the implementation of coordinated policies in the supply chain and other aspects, "Ghoen in 2003 expressed that Dongfeng is a joint venture of the Renault project The best choice is whether Renault or Nissan will have only one partner in China, because it is the simplest and most effective way to deepen collaboration."
Under the framework of the global alliance, Renault’s Nissan has purchased only 3.5 billion U.S. dollars in annual procurement costs. Copying it to China is a plan that Carlos Ghosn developed 10 years ago. Dongfeng Nissan’s sales volume is expected to reach approximately 950,000 units this year. Dongfeng Renault’s senior executives stated that synergies with Dongfeng Nissan can reduce supply chain costs by more than 10%. These measures are conducive to Dongfeng Renault’s attack on the market with better cost capabilities. .
Dongfeng Renault's other market opportunity is the background of Japanese car share declining trend. The market has increased consumer demand for European cars and American cars, while the current domestic non-luxury brand European representatives only have Volkswagen and PSA Peugeot Citroen as European markets. The second-largest car company, Renault, is considered to have access to opportunities. In addition, the personalized features of car consumption are gradually emerging, and this is the strength of French car companies that emphasize innovations such as exterior design.
From the initial negotiation to the final signing, Dongfeng Renault negotiated a total of 10 years of negotiation. During several interviews with the media, Carlos Ghosn consistently maintained his confidence in Renault's China project, without losing any fear of market opportunities. Ultimately, however, could the "Dongfeng-Nissan-Renault" Golden Triangle be developed according to its vision? To be tested in the Chinese market.
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