Since January 26th, Dongfeng Motor Group and Swedish Volvo Automobile Group formally signed an agreement in Beijing to establish a strategic alliance with capital as the link, and announced that they have jointly committed themselves to the development of the Dongfeng brand commercial vehicle. Since then, the joint venture has not been listed. At the signing ceremony, Dongfeng executives disclosed that after the signing of the contract, all the work for the formation of the joint venture will be launched after the Spring Festival. The listing of the joint venture company may be completed before July. However, from June until June, there was no movement in the listing. According to speculation from various parties, Dongfeng made some explanations in response to media inquiries, and stated that preparations related to listing could be completed during the year.
Original plan listed before July
On January 26, at the signing ceremony in Beijing, Dongfeng Commercial Vehicles said that the two parties are currently only signing strategic alliances and all preparation work for the formation of the joint venture will be launched. It is expected that the listing will be completed before July this year. The joint venture will be located in Shiyan, Hubei, and will assume the responsibility of developing, manufacturing, and selling Dongfeng brand commercial vehicles. Products cover medium and heavy trucks, passenger cars, special vehicles and chassis, as well as key assemblies such as engines and transmissions. According to the plan of Dongfeng Group, the joint venture company will use the technology and expertise of both parties to continuously upgrade and upgrade the product platform of medium and heavy commercial vehicles, comprehensively upgrade the product planning and R&D capabilities of Dongfeng commercial vehicles, and build a world-leading commercial vehicle technology center. Product planning system to build overseas manufacturing systems and sales bases that meet the needs of overseas strategies.
The industry believes that both Dongfeng and Volvo can benefit from the joint venture. Dongfeng can obtain large-horsepower engine and transmission production technology through the joint venture, and can upgrade the vehicle technology level, thus consolidating its dominant position in the domestic commercial vehicle market. Volvo can also form a joint venture with Dongfeng to form the Dongfeng-Volvo Truck Alliance, which will play a more important role in the global commercial vehicle market. Therefore, both parties are actively promoting joint ventures, and the joint venture company's listing is also the basis of all substantive technical cooperation. It is a procedure that the two parties need to complete as soon as possible. Naturally, the sooner the better, the July listing is very logical.
Delayed listing by government approval
Until the Shanghai Auto Show, the joint venture company's listing was still unclear, causing concern in the industry. It was speculated that the two parties may have different views on certain details and the relevant negotiations have not yet concluded. In response, Huang Gang, general manager of Dongfang Commercial Vehicle Co., Ltd., responded to the media's reasons for postponing listing, and gave two reasons: First, the national "two sessions" and the change of government led to a slowdown in domestic approvals; second, through the EU anti-monopoly. The review takes time. “Our internal and joint venture-related preparations have been carried out in an orderly manner. External work mainly includes two aspects. First, the EU’s anti-monopoly review is expected to be completed in May; the second is the approval of the Chinese government, which is due to the new year’s The leadership of the government will change, so the approval time for the joint venture project will be delayed from what was originally expected.†Huang Gang said, “The joint venture companies planned to establish a joint venture company before July 1. It now appears that on July 1st, Not realistic, it is likely to be established between July 1 and the end of the year. Huang Gang's statement is equivalent to postponing the listing time by 5 months.
Jiang Ming, head of Dongfeng Commercial Vehicle Technology Center, also stated that the joint venture company should be able to list this year. Once the joint venture company begins operations, the foreign party will soon move in and participate in the development of existing products and future products such as Dongfeng medium and heavy trucks and engines. in. In addition, the joint venture agreement clearly requires the introduction of Volvo transmissions. The joint venture will be introduced shortly after its establishment, thus forming a reasonable mix of Volvo's 14-speed transmission and Dongfeng's self-produced 14-speed transmission. It can thus be seen that Dongfeng has placed great expectations on the joint venture company and it is impossible to go back on the joint venture.
Coincidentally, Volvo also placed high hopes on the joint venture. The president and CEO of the Volvo Group, Europa Pesson, said recently that the joint venture project, which has been negotiated for nine years, will have complementary advantages for both parties. After the completion of the joint venture, Dongfeng can introduce Volvo's technology to enable the Dongfeng brand commercial vehicles to enter the international market. For Volvo, it can use the Dongfeng commercial vehicle's production and R&D system, especially for the production of economical trucks. Integrate into the Chinese market. For the delay in the listing of joint ventures, Europa Pesson attributed the reason why the Chinese and European Union administrations have been slow to approve. Eurof Payson said that this project still needs to be approved by relevant government departments in China and the European Union. The new Dongfeng Commercial Vehicle Company will still research, develop, produce and sell Dongfeng brand vehicles. Dongfeng’s previous production in Shiyan, Hubei Province is still In progress, pending approval, both parties will consider introducing new technology and product pricing strategies to cover medium and heavy trucks, passenger cars, engines, and transmissions.
Year or listed
Even though the joint venture parties could not flex their muscles because the government's approval did not come to an end, in May this year, news from the European Union predicted a turnaround. On May 9th, the EU officially passed the anti-monopoly review of Dongfeng Volvo, which made the procedures for the listing of joint venture companies to be left to the approval of relevant departments of the Chinese government. Huang Gang believes that from the current situation, the joint venture listing can be completed within the year.
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