Beiqi Foton Motor and Daimler Automotive Group plan to formally establish a joint venture "Beijing Futian Daimler Automotive Co., Ltd." in August this year to develop the medium-duty truck and its engine project. Foton Motors (600166,SH) disclosed the specific plans of the joint venture in an announcement this week.
The joint venture between the world's first and second-tier commercial vehicle companies is also considered to have broken the domestic "technology-for-market" joint venture model, and the two parties will expand their international markets through deeper cooperation.
"Futian Auman" trademark for vehicle products
The total investment of the joint venture project is 6.35 billion yuan, and the registered capital is 5.6 billion yuan, of which Futian Company invests in the existing assets of the Ouman business equivalent to 2.8 billion yuan, accounting for 50% of the shares; Daimler Automotive Group corresponds to its equity ratio. The cash investment accounts for 50% of the shares. The joint venture company will be established in August 2009, and the 0M457 engine will be put into operation at the end of 2011, and the entire vehicle will be put into operation in mid-2012.
After the establishment of the joint venture, Daimler will provide technology and experts to assist Futian Auman to upgrade its heavy truck products to meet the needs of the global market. The joint venture products include the Daimler OM45712 litre diesel engine with emission standards up to Euro VI, the current medium- and heavy-duty trucks from Auman Foton, and the Auman Heavy Truck upgrade (mixed models) equipped with the OM457 engine. The joint venture vehicle product only uses the "Futian Auman" trademark.
According to the 2009-2018 joint business plan prepared by both parties, the accumulated sales of vehicles totaled 942,000 units in 2009-2018, including 250,000 hybrid vehicles. The cumulative sales revenue from 2009 to 2018 amounted to RMB23.662 billion.
The joint venture company will promote engine localization plans based on cost changes, and Auman will upgrade the branded heavy-duty trucks to achieve domestically-manufactured Mercedes-Benz engines. By 2015, the localization rate of the OM457 series will reach 62%.
At the same time, the joint venture company will invest in the creation of a technology center for all-round independent development.
Gradually realize global cooperation
According to the announcement, the joint venture between Zhongzhong truck and its engine is the first step in global cooperation between the two sides and is also the operation center for the future global cooperation of Russia, South Asia and Central and South America. It is the management decision, research and development, and production of the global cooperation of the two parties. Supply chain management, marketing management and other centers, and joint ventures such as Russia will serve as regional production and sales centers. After the completion of the project, both parties intend to establish a Russian joint venture within 2 years, a South Asia joint venture within 3 years, and a Sino-South American joint venture within 5 years.
Foton Motor expects domestic sales of heavy vehicles to increase by about 18% annually. Moreover, as the competitiveness of domestic auto companies increases, future automobile exports will continue to grow, and it is expected to account for about 30% of company sales in 3 to 5 years time. .
It is expected that after the establishment of the joint venture company, the appreciation of the assets will affect the profit of Futian Automobile in each year of 2011-2018 by 36.31 million yuan. However, due to the global financial and economic crisis, the short-term business performance after the establishment of the joint venture company may not reach the planning of the business plans of both parties. (Chen Zhijie)
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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