With the listing period ending today, the Dongfeng Motor Group's transfer of its 45% equity interest in Dongfeng Commercial Vehicle Co., Ltd. has finally come to an end. The world's commercial vehicle giant Volvo Group, as the sole receiver, has undoubtedly become the Dongfeng commercial vehicle. shareholder. This move means that the world’s largest commercial vehicle alliance will be formally launched in China, the world’s largest commercial vehicle market.
Prior to the transfer of targeting Volvo <br> <br> Shanghai United Assets and Equity Exchange information from the display, Dongfeng Motor Group will hold its 45% stake in Dongfeng Commercial Vehicle Co., Ltd. recently listed at a price of 5.51 billion yuan of transfer, the project in August On the 25th, the listing expired.
It is worth noting that Dongfeng Motor’s eligibility requirements for the transferee proposed in this property transfer announcement include: The intended transferee should be an enterprise legal entity established according to law and valid for more than 20 years, and be a world leader in the production of heavy-duty trucks. And one of the sales companies, specifically requesting that the transferee and its subsidiaries merge in sales of 2013 medium- and heavy-duty trucks (with total vehicle weight greater than 7 tons) to be no less than 180,000 units, and intends to merge with the transferee and its subsidiaries. The audited owner's equity as of December 31, 2013 was not less than RMB 60 billion, and the cash and cash equivalents were not less than RMB 20 billion.
In addition, in order to avoid competition in the Chinese market, when the intended transferee submits the transfer application, in addition to the transferor, the intended transferee and its holding subsidiaries develop and manufacture complete medium and heavy trucks in China and/or There is no equity cooperation in the diesel engine business for heavy-duty trucks in China. Insiders pointed out that these restrictions are tailor-made for Volvo, so Volvo Group has also become the only takeover of this equity transfer transaction.
Dongfeng Commercial Vehicle Co., Ltd. related person in charge Zong Zongyun told Nandu reporter that with the expiry of the listing of the equity transfer transaction, Volvo will set aside a 45% stake in Dongfeng Commercial Vehicles, and the new joint venture will be formed this year. The official listing was established in the fourth quarter.
Dongfeng will receive technology "transfusion"
As early as January 2013, Dongfeng Motor announced the establishment of a strategic alliance with Volvo Group, the world's second-largest commercial vehicle manufacturer, with capital as a link to jointly develop the world's leading "Dongfeng" brand commercial vehicles. In March of that year, the two parties signed an agreement to establish a strategic alliance in Beijing and the two sides committed themselves to building the most competitive commercial vehicle alliance in the world.
According to the agreement, the newly formed joint venture will be committed to developing the Dongfeng brand medium and heavy commercial vehicle related business. In the new company's management setup, the new company set up a board of seven members, including Dongfeng appointed four, Volvo appointed three, Dongfeng Group appointed chairman, Volvo appointed vice chairman. At the initial stage of the operation, there are 8 people, Dongfeng and Volvo each recommend 4, Dongfeng recommends general manager, Volvo recommends vice president of finance.
With the listing of 45% equity of Dongfeng Commercial Vehicle Co., Ltd., it means that the mergers and acquisitions of the assets and business of the heavy commercial vehicle have been completed. The joint venture company is ready to go. At the same time, the world's largest commercial vehicle alliance formed by Dongfeng and Volvo has also entered the operational phase.
As the national rhythm of increasing emission requirements is getting faster and faster, Dongfeng products may face higher environmental protection challenges in the future. Therefore, technological upgrades have become the most urgent demand for Dongfeng commercial vehicles. Zhu Fushou, general manager of Dongfeng Motor Company, said: “Dongfeng and Volvo's newly established joint venture company will carry out comprehensive technology upgrades and accelerate product planning.†Therefore, the core technology of commercial vehicles is a key link that closely links Dongfeng and Volvo. .
Dongfeng Motor stated in the listing information that the transferee should provide technical support for Dongfeng Commercial Vehicle to help it build a world-class advanced commercial vehicle technology center and product planning system, as well as an overseas manufacturing system that meets its overseas strategic needs. At the same time, it supports Dongfeng Commercial Vehicles to continuously upgrade and upgrade the product platforms of medium- and heavy-duty commercial vehicles, build a modular and standardized product platform, and support its construction of a globally competitive global supplier platform.
The reporter learned that the new joint venture company has established manufacturing bases and R&D institutes in Shiyan, Hubei and Wuhan respectively. Among them, an engine plant will be built in the manufacturing base in addition to the traditional four major process blocks for assembly, welding, painting and stamping.
In addition to Dongfeng Commercial Vehicle Co., Ltd. will take the lead in obtaining Volvo Reserve's SCR IV emission standard technology, the two sides will jointly develop Dongfeng brand heavy-duty engines that meet the National Sixth emission standard and later higher standards, and will introduce and develop Dongfeng brand heavy-duty transmissions. And medium transmission.
Forced joint venture for technology <br> <br> It is worth mentioning that, in China's commercial vehicle industry, Volvo is an "early bird." In 2003, Volvo and Sinotruk announced the joint establishment of Jinan Huawo. This is the first joint venture approved by the National Development and Reform Commission in the heavy truck sector. Then, due to the inaccurate market positioning, the production and sales of “Hua Wo†always hovered at the low level of several hundred vehicles. Since then, the two sides have been caught in a dispute over intellectual property rights, which is gradually drifting away and eventually "breaking up."
Time flies, ten years later, when Volvo found that rivals Germany Mannheim and Daimler Group achieved rapid development through their joint ventures in China, they could only take a bigger step toward catching up. Then there was an alliance with Dongfeng. The CEO of the Volvo Group, Europa Pesson, said that China's truck market is equivalent to the sum of Europe and North America, and is the world's largest truck market. Volvo regards China as the top priority of strategic planning. The urgent need for upgrading of the commercial vehicle industry in China is always more brutal than ever. According to data from the China Automobile Association, from January to July this year, the production and sales of domestic commercial vehicles fell 2.99% and 5.04% respectively year-on-year. Among them, the production and sales of the medium-duty commercial vehicle market in the "stricken areas" fell by 18.91% and 20.10%, respectively, and dragged down the overall performance of the commercial vehicle market.
The current cooperation model between Dongfeng and Volvo can be seen as a microcosm of the upgrading of China's commercial vehicle industry. Analysts pointed out that in the context of declining demand resulting in negative growth in the commercial vehicle market and commercial vehicle companies facing technical upgrade problems, Dongfeng’s joint venture with Volvo to introduce technology is intended to continue to lead this market, but the technology is still a Important point.
In fact, not only Volvo, Navistar, Germany, Daimler have used the national IV standards to implement a number of commercial vehicle companies after the lack of technical power opportunities to start joint venture negotiations.
It is understood that according to the Dongfeng “Dry D300†plan, Dongfeng Commercial Vehicle will achieve a production of 1 million vehicles in 2016. In the first half of this year, Dongfeng Commercial Vehicles achieved a sales volume of 81,500 heavy trucks and heavy trucks, and the nationally promoted IV vehicles accounted for 28% of the market share, which was the leading position in the industry. Dongfeng Commercial Vehicles is striving to achieve the goal of selling 160,000 medium- and heavy-duty trucks throughout the year. To continue to maintain the industry's leadership, product upgrades are imminent.
In addition, even though Dongfeng has ranked first in the heavy-duty commercial vehicle market for many years in a row, Zhu Fushou frankly stated that “China’s commercial vehicle overcapacity problem is already in the spotlight.†Therefore, Dongfeng has been looking for an internationalized route for the commercial vehicle business. Through a joint venture with Volvo, Dongfeng will also build overseas manufacturing systems and overseas sales bases that meet Dongfeng’s overseas strategic needs.
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