The intensifying global financial crisis has had a huge impact on the automotive and parts industries. The sluggish auto industry in 2009 caused the parts and components industry to slump further. Many international auto parts giants also had to abandon some of their parts companies and technologies in order to protect themselves. In 2009, many “small fish eat big fish†scenarios were staged: Some relatively less well-known SMEs acquired or merged departments, businesses, and technologies of internationally-renowned large companies, and Chinese powers were in these unusual events. It often plays a surprising role. Does this wave of overseas acquisitions by Chinese parts and components companies represent that Chinese auto parts companies have the ability to compete with international giants? How much quality leap for Chinese parts companies can get from these acquisitions? And we can What is found in this series of acquisitions beyond the significance of the event itself?
What does the acquisition mean?
On December 14, 2009, BAIC announced that it had completed the acquisition of relevant intellectual property rights with Swedish Saab Automobile Co., marking a final period for the acquisition series in the year. Beiqi said that the acquisition includes Saab's three vehicle platforms and two series of turbocharged engine and transmission technology ownership as well as some manufacturing molds. It also said that this acquisition was the most common case for Chinese auto companies through overseas acquisitions. Direct and effective case of establishing independent core technologies.
On the same day, Zhejiang Auto Parts Co., Ltd., Ningbo Yunsheng Co., Ltd. and the four shareholders of Nisshin Motor Co., Ltd. signed an equity transfer contract. Ningbo Yunsheng purchased 79.13% of Nikko Electric Industrial Co., Ltd. for a price of nearly RMB 92 million. Equity.
In addition, the acquisition of a spare parts company that had caused a momentary sensation also took place recently. On November 2, 2009, the largest overseas acquisition of auto parts in Beijing was contracted by Beijing West Heavy Industries, Ltd., which contracted to acquire Delphi Corporation for damping and braking. Business cases also encourage domestic parts and components companies to go overseas. Some people think that a series of acquisitions is a sign that China's auto and parts industry is mature enough. Is it really?
Whether a series of acquisitions means that China's auto parts companies have enough to fight with international parts giants? For this reason, the China Bus Network [] reporter consulted with Professor Song Jian, executive director of the China Association of Automobile Manufacturers. Professor Song believes that the domestic parts and components companies acquire overseas, and such companies are not enough to lead the industry in the direction of development. Many companies' acquisitions are simply limited to acquisitions of brands and manpower, and it is not enough to achieve real dual acquisitions of markets and technologies. Although many parts and components companies in China are not small in size, and some have the capital strength acquired overseas, but the products are relatively monotonous and do not form a core competitiveness, and they cannot compete with international parts companies in technology development.
Technology acquisition is the key
As the financial crisis raged, many well-known auto parts companies in Europe and the United States were trapped in the crisis and sold their projects one after another. What's more, they had entered bankruptcy procedures and wanted to sell their assets. China's parts and components companies have determined that this is a golden opportunity. At this time, the acquisition will have strategic significance, and it will certainly have a profound impact on the Chinese auto industry and auto parts industry. So, is acquisition just a simple financing to buy the other company to complete it? This is not enough.
Professor Song told the reporter that the development mode of global parts and components companies has more promising prospects for global procurement, and the choice is large, which is beneficial to the long-term development of parts suppliers. For example, Delphi had previously belonged to General Motors and developed well after the split. Bosch is also an independent parts company and is not affiliated with any vehicle company. In the joint development of parts and components between foreign parts companies and vehicle companies, the entire vehicle company pays the development costs to the parts companies, and then the development results are exclusively enjoyed. Through repeated cooperation with the entire vehicle company, parts and components companies have accumulated experience and technology. In China, most of the parts and components industry is a private enterprise. If it is a certain scale, it is easy to satisfy. Therefore, it is not easy to grow big, and there is no strength to support it. The most powerful domestic parts and components companies are basically subsidiaries of the entire vehicle company group, and there is no vehicle company to develop funds for independent parts and components companies. This limits the development of the model and the development of technology. Domestic parts and components companies should not blindly emphasize market share. Acquisitions may be able to expand market share to a certain extent. However, in the long run, it is better to invest more funds and energy in the research and development of technologies and do more technical content and more. Products suitable for the Chinese market.
Professor Song believes that parts companies can change their minds. Some companies already have a certain amount of capital accumulation, and the power of capital is indeed quite strong. It is necessary to start cooperation from R&D. Acquisitions are sometimes better than R&D cooperation. When thinking about eating ready-made meals, it is impossible to maximize the benefits without risk. Even if it is a financial crisis, foreign companies are unlikely to sell our already profitable products to us. If domestic companies participate in the development together when they start their own businesses, they have a technical foundation, they do not need to make big acquisitions, and they are not afraid of having no market.
From this we can see that the key to competition is not how brilliant the acquired company has been, but should focus on technology acquisition and R&D. How do domestic auto parts really go out of the country? Not just pure acquisition of overseas companies and overseas capital, the core content of acquisitions should be technology. The acquisition target does not have to be an enterprise. It may be technology or the right to use the technology. Spending money to buy really valuable things should be the essence of overseas acquisitions.
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