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The long-awaited Dongfeng Volvo commercial vehicle joint venture project finally announced the end of the eight-year long-distance love run in the announcement of a 5.51 billion yuan equity transfer in the Shanghai United Assets and Equity Exchange at the end of July. Right now, Volvo's move into the Dongfeng commercial vehicle segment has been nailed, but the follow-up progress is still worthy of attention.
With the early postponement of the Dongfeng Volvo joint venture at the end of the transaction, currently the Shiyan Dongfeng Commercial Vehicle Base and the Wuhan Experimental Base have begun to actively prepare for the arrival of Volvo technology and personnel and began to plan the inauguration ceremony. They are looking forward to this truck from Sweden. The company has brought new positive changes to the Dongfeng commercial vehicle business.
Hold together for warmth <br> <br> what they need at home, Dongfeng commercial vehicle in terms of product, brand, etc. are among the highest, but not prominent on the international market reputation. The joint venture with Volvo will enable the introduction of Volvo's technology on the one hand, and Volvo's influence in the international market on the other, will help the "Dongfeng" brand commercial vehicle to enter the international market.
In addition, although Dongfeng is a leading company in the domestic commercial vehicle industry, under the framework of the original Dongfeng Limited, it is considered as an “inefficient†business segment. The best way to change the low-efficiency of the Dongfeng commercial vehicle business is to upgrade technology and products. In the course of further technological upgrading and internationalization, it is still not possible to bypass the joint venture, and only joint ventures can quickly make up classes. It is precisely because of this that Volvo's "Olive Branch" is obviously more conducive to the development of Dongfeng Commercial Vehicles.
For Volvo, the cooperation with Dongfeng focuses more on the prospects of the Chinese market. The CEO of Volvo Group Europa Pesson once said: "The sales of commercial vehicles in the Chinese market is the sum of the European market and the North American market. Dongfeng Group is the best channel to help Volvo open the Chinese market." Volvo especially sees the east wind. The production and sales system of commercial vehicles, especially the ability to produce economical trucks. The cooperation with Dongfeng has just made up for its shortcomings in the Chinese market to gain more seats in China, the world's largest commercial vehicle market.
In addition, in the face of increasingly stringent emission regulations, technical upgrades are placed in front of every commercial vehicle company. In particular, under the background that the heavy trucks have already implemented the National IV emission standards, the SCR technology of Volvo Reserve is urgently needed by Dongfeng Commercial Vehicles. Through cooperation with Volvo, Dongfeng will receive more technical and R&D support. In terms of products, the new joint venture between Volvo and Dongfeng will cover medium- and heavy-duty trucks, passenger cars, special purpose and chassis, engines, transmissions, etc. This means that Dongfeng Commercial Vehicles will achieve "reborn" changes.
"According to the agreement signed by both parties, the joint venture will accelerate the pace of globalization, increase the value and status of their respective brands in the Chinese and international markets, and ultimately realize the 'Dongfeng brand commercial vehicles going international' and 'Volvo further strengthen its presence in the global commercial vehicle market.' "The two goals of the status. Both sides can be said to huddle to keep warm and take what they need." An auto analyst said.
Open "post-joint venture era"
“This strategic alliance is a totally different concept than the traditional joint venture cooperation project. Traditionally, the joint venture and cooperation project is the introduction of foreign technology and foreign brands into the Chinese market. Dongfeng and the Volvo Alliance do a good job of the east wind. The brand is the main starting point, and it is more important to expand the international market and promote the development of 'China's east wind' as 'the east wind of the world'." This alliance is not a project. It is a collaboration of resources in R&D, procurement, engineering development, brands, and channels. "Dongfeng Group General Manager Zhu Fushou said.
In terms of management structure, the board of directors of the joint venture company will consist of 7 persons, of whom 4 will be appointed by Dongfeng Group and 3 will be appointed by Volvo Group. It means that if a decision requires that the minority vote in accordance with the principle of the majority, only Dongfeng Group's directors can handle it. In addition, Dongfeng Group appoints the chairman and general manager, Volvo Group appoints the vice chairman, and the person in charge of procurement is also assigned by the Chinese side. Dongfeng occupies a clear dominant position.
In addition, according to the International Accounting Standards, who controls, who can fully integrate the income into the financial statements. Before that, because the former Dongfeng commercial vehicle Middle East Wind Group accounted for 50%, only 50% of the sales revenue of Dongfeng Commercial Vehicles before could enter Dongfeng Group's total revenue; and in the future, after the establishment of the new Dongfeng Commercial Vehicle Company, Dongfeng The group can count all Dongfeng commercial vehicle income into Dongfeng Group.
Needless to say, the "post-joint venture era" has come with the wheels of history. The current cooperation model between Dongfeng and Volvo can be seen as a microcosm of the upgrading of China's commercial vehicle industry. However, according to industry analysts, under the current situation of declining macroeconomic growth, the high growth of the commercial vehicle market is difficult to reproduce. Dongfeng has adopted a joint venture with Volvo to introduce technology, and it intends to continue to lead this market, but the technology is still important to digest and run in. The customs will consider the management wisdom of both parties and the follow-up progress of the joint venture is still worthy of attention.