FAW, which is regarded as FAW's bad assets, is finally willing to find a new owner. It is not the industry's expectation that the offer of the time is the previously heard of the proton car.
A few days ago, FAW Xiali announced that the company will be wholly owned subsidiary of Tianjin FAW Huali Automobile Co., Ltd. 100% of the equity transfer to Nanjing Zhixing (that is, "Baiteng" parent company), the transfer price of equity is 1 yuan, but Baiteng has to bear the FAW Huali 85462 million yuan debt and staff compensation.
In June this year, FAW participated in the B-round financing of Baiteng as a strategic investor. After the signing of the strategic cooperation framework agreement between FAW and Baiteng in July, Baiteng acquired the qualification of building new energy vehicles by acquiring 100% equity of FAW Huali. The relationship between the two has become more and more close.
FAW's ingenious maneuver
FAW Xiali, which has been in a loss state, is a difficult problem to be solved by FAW Group, and FAW Huali is a big "burden" of FAW Xiali. According to the data, FAW Huali's revenue from 2015 to 2017 was 94.75 million yuan, 65.35 million yuan and 45 million yuan, respectively. In the first half of 2018, the revenue was only 19.29 million yuan, the total assets was 24.6 million yuan, but the total liabilities reached 120.9 million yuan. Such a financial situation is undoubtedly a hot potato for FAW Xiali. The price of 800 million yuan for FAW Xiali is also described as a long drought. The 2017 annual report showed that FAW Charlie's revenue was 1.45 billion, but the net profit attributable to shareholders was a loss of 1.64 billion, even exceeding revenue. At the same time, FAW Charlie pointed out in the audit report that its total net assets only 88.312 million yuan, the debt rate reached 98.2%. The $800 million in cash this time will effectively improve its short-term performance, to avoid a loss in 2018 and wear the ST hat again.
Compared with other new car-making forces, Baiteng bought a car-making qualification for 850 million yuan, which is actually a good deal. With the state's new energy "quasi-health certificate" tight, only 15 new energy automobile companies are now qualified for production. According to the data, Weima Automobile's subsidiary once bought Dalian Huanghai Automobile Co., Ltd. for 1.18 billion yuan; Electric Cafe Automobile also acquired production qualification by acquiring Xihu Automobile. Baiteng this time to get this ticket is very meaningful, at present Weilai, Xiaopeng did not get, their automotive projects are forced to temporarily hand over to the traditional automotive enterprises to do OEM. Although OEMs reduce the cost of building their own factories, as a representative industry of high-end precision manufacturing, the quality of new energy vehicles can not be effectively guaranteed.
So, where does the 850 million yuan come from the money that has been burning? According to public information, Nanjing Zhixing, the acquisition Party of FAW Huali, was founded in 2017. The total assets of Nanjing Zhixing in 2017 were 129 million yuan, the owner's rights and interests were - 95.34 million yuan; the total revenue of main business was 0 yuan, and the total profit was - 128 million yuan. It is worth noting that in June of this year, it was awarded $500 million B, and FAW was one of the investors. Public information shows that FAW Group has injected $260 million into the FMC of the parent company. Subsequently, Baiteng related person in charge disclosed to the outside world, the quality of the car will begin to examine and approve in the second half of the year, back-to-back FAW to win the quality of the car is not a problem. Thus, the two parties have made long-term plans for future cooperation.
Count down production
In the field of new energy vehicles, compared with several other large automotive groups, FAW is in a tight corner, especially Baiteng's R&D prospects are optimistic, borrowing new forces into the field of new energy vehicles has become the only shortcut to catch up with FAW. "Do not rule out the possibility of 800 million capital left-handed right-handed, so FAW not only deeply tied Baiteng, Baiteng also naturally got the qualification to make cars, kill two birds with one stone." Insiders believe that. Some people in the industry expect that around May 2019, Baiteng Auto formalities will be completed, formal production qualifications. Although there is a "quasi birth certificate", there are various unmeasurable factors in the production of Bai Teng.
The regulations on investment management of automobile industry will be released soon, and the industry has entered the stage of shuffling. Under the requirements of the new regulation, it will be more and more difficult to get car qualification in the future, and more and more restrictions will be made. For example, the new regulations require that the acquisition of enterprises with existing qualifications can only be produced in the province, so the Tianjin production qualifications acquired by Baiteng can not be produced in Nanjing, which means that the Baiteng Nanjing workshop, which has been ready for deployment, will face another upside down, such as merging the Nanjing workshop into Huali's flag, which will undoubtedly further increase. The difficulty of mass production.
In addition, in May this year, FAW Huali has been listed as the third batch of special publicity vehicle production enterprises by the Ministry of industry and commerce. According to the documents of the Ministry of Industry and Information Technology, the automobile and motorcycle manufacturers that can not maintain normal production and operation shall be subject to special publicity management for a period of two years, requiring them to rectify and reform and meet the entry requirements as soon as possible; and the new product declaration of the enterprises concerned shall not be accepted during the special publicity period. In addition, if a specially announced enterprise meets the requirements for admission through examination, it shall cancel the special announcement and resume accepting its new product declaration; after the expiration of the special announcement period, if the enterprise fails to apply for the examination of admission conditions and the examination is not up to standard, it shall suspend the Notice of Vehicle Manufacturing Enterprises and Products, and shall not handle the basic conditions such as renaming or relocation. Change procedures.
However, with FAW's blessing, the production speed of the company is also improving. Li Yanwei, an automotive industry expert, said: "FAW's advantages in manufacturing are obvious. Strategic investment shows that they are interested in Baiteng's products. Baiteng's advantages are design, and both sides can complement each other. For automobile manufacturing enterprises, the manufacturing end is a very high threshold, this resource is a long-term accumulation of income. For the time being, there is great possibility for the two sides to cooperate in production capacity. " Official sources said that the pilot plant of Baiteng was officially opened on April 1 this year, stamping, painting, welding, assembly, battery five workshops will be the end of this year, laying the foundation for formal production. In August, the first trial vehicle of the first vehicle was built and debugged. The mass-produced model based on BYTON M-Byte Concept, Baiteng's first luxury smart SUV concept, will officially be officially offline from its Nanjing plant in Jiangsu Province in the fourth quarter of 2019 and will be sold worldwide. According to the plan, Baiteng's first mass production model will be pre-production in the first half of 2019, and will be officially listed in the fourth quarter of next year.
It is appropriate to describe the deep cooperation between proton and FAW with "returning the reward". One is a new force in automotive industry, the other is a large traditional automotive group, seemingly unrelated to the two companies are now jointly fighting, which may be the trend in a new round of automotive industry change.
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