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This time Dongfeng Motor’s acquisition of PSA shares, many people will ask why the acquisition of PSA, why PSA will accept the Dongfeng? How is it different from previous acquisitions and how can it avoid risks?
Speaking here, I would like to make a digression. As early as 2012, Liu Weidong, deputy general manager of Dongfeng Motor Co., once said: “PSA, as an early family business, has a very strong guardian heart. In my opinion, they actually grasped it. You can live in two core points: The family has the right to speak and choose the CEO of the company.The advantages of PSA include diesel engine, chassis, design, small car, and in the economic crisis, PSA has an open and cooperative attitude towards all auto companies. For them to have their own unique advantages." This paragraph may be an explanation of the above issues.
It can be said that as the general manager of Dongfeng Motor Corporation, Zhu Fushou's mind has long been not limited to the domestic market, and the full value chain building beyond capital cooperation, the adjustment of the partnership structure, and Dongfeng’s own transformation and upgrading have all become the same. The chief executives of the central enterprises consider the key points. “This time we have cooperated with PSA’s shareholding. It is a full-value chain cooperation. It is not a single capital cooperation in the past, like Geely’s acquisition of Volvo, etc. These are all capital cooperations. It seems that the capital has become a shareholder, but the actual concept is from R&D to manufacturing, to R&D, to procurement, which is a full-scale cooperative relationship,†said Zhu Fushou.
Dongfeng Motor recently proposed the “Three Dongfeng†vision plan, which is to establish “a century-long sustainable development, east-oriented internationalization, and independent development in the openâ€. This acquisition will have practical significance for achieving the goals of the latter two.
Zhu Fushou admitted frankly: “The east wind must go out and walk in, import foreign brands from the past, introduce foreign technology, and we develop together with foreign countries. We go abroad to buy some resources, we go out and even go in. This is an evolutionary process. If Dongfeng does not have a strategic move, if we want to achieve internationalization, it will be an empty talk. The cost we pay may be higher, and the path we take may be even more tortuous."
Dongfeng Motor is not willing to passive enterprises. This acquisition can be said to be the Dongfeng initiative to throw the hydrangea. At the appropriate node on July 2 last year, it began formal contact negotiations. In February of this year, this node reached a framework agreement, which is early There are plans. The selection of PSA brand, on the one hand, has formed the basis of experience and trust since 22 years of cooperation, and on the other hand, it is also a risk avoidance consideration.
After the Diaoyu Island incident in 2012, Dongfeng Motor was greatly affected. The weight of its joint ventures, the Sino-Nissan and the Honda Systems, was also a direct result of fluctuations in market share and profit indicators. In the case of uncertain Japanese car prospects, enriching the European sector not only helps avoid risks, but also reserves space and resources for the Group's business adjustments. From this perspective, Dongfeng's acquisition is not out of date.
According to Liu Weidong, deputy general manager of Dongfeng Motor, the two parties can complement each other: “PSA places great emphasis on differentiated competition. It is a technology-led company. The strength of Dongfeng is that the team has passion, understands market demand, and responds very quickly. â€
In fact, after Dongfeng acquires PSA equity, Dongfeng Auto will not once and for all because of the ride. Zhu Fushou said: "We still want to stress that we should be the mainstay of us, and we will not give up on ourselves, including the creation of the Dongfeng brand. There is no doubt that we cannot give up on our original innovation and technological innovation because of PSA's cooperation. I think on the contrary, the more technology we know, the greater the amount of information we know, the more mature we will be, otherwise we will take a lot of detours."
And Liu Weidong is thinking about how to make the Dongfeng benefit after the acquisition consider more in-depth and long-term, "core technology I think not only a breakthrough in key technologies, in fact, the most important is the integration capability. Now the technology is probably the biggest problem is the cost of The problem is not only to achieve the best, but also to maintain low costs, especially for the public car."
For the cooperation between the two parties, Li Chunrong, secretary of the party committee and deputy general manager of Dongfeng Passenger Car Company, believes that Dongfeng Fengshen and its own Dongfeng brand will be the direct, most profound, and most valuable beneficiaries of Dongfeng's acquisition of PSA in the short and long term. “The impact of cooperation is not just the joint research and development, but the study and reference of the entire organization's memory of multinational companies whose Dongfeng independent brands directly have more than 120 years of experience.â€