Cars are entangled in a marriage: new energy vehicles in the field of joint ventures frequently

In the first half of this year, the automobile circle joint venture and cooperation frequently occurred, mainly concentrated in the field of new energy vehicles and power batteries, accelerating the market share.

Cooperation within the automotive circle is getting closer and closer. In the time that has passed in 2018, in the face of various changes in policies and markets, joint ventures and cooperation in the automotive industry have emerged, and the alliances between various brands and related companies have been successively staged, and new energy vehicles and power batteries are among them. focus.

Joint ventures in the field of new energy vehicles

When new energy vehicles become one of the important directions for the future development of automobiles, cooperation between car companies and related enterprises in the field of new energy vehicles is also accelerating, with a view to enhancing competitiveness and gaining more market share.

On April 17 this year, Changan Automobile (8.160, -0.02, -0.24%) and BYD (44.050, -0.24, -0.54%) vehicles signed a joint development cooperation framework agreement in Chongqing, which will carry out in-depth cooperation in the field of new energy vehicles. It is understood that Changan Automobile and BYD will jointly develop, match, test, and produce the three-in-one product of the new energy vehicle electric drive, complete the development of electric drive three-in-one, and achieve mass production approval status. It is expected to be equipped with Changan next year. The model is on the market.

On June 18 this year, Beiqi New Energy and auto parts supplier Magna signed a list of terms of cooperation agreement in Nanjing, Jiangsu. The two parties announced that they intend to establish a joint venture company to build a high-end intelligent pure electric vehicle R&D and manufacturing center open to the public. .

Less than 10 days later, BAIC Group signed a strategic cooperation framework agreement with Brilliance Group to jointly develop the new energy (5.870, 0.03, 0.51%) automobile market in Northeast China and the whole country. According to the agreement, Brilliance Group and BAIC Group will cooperate in the field of new energy official vehicles, taxis, network vehicles, private vehicles, express delivery vehicles and time-sharing to jointly establish a new energy automobile industry in Shenyang and even the Northeast market. Demonstration effect.

In the many cooperation agreements signed by China and Germany in early July this year, many of them were about new energy vehicles. The cooperation between BMW and the Great Wall was settled. The two parties officially signed a joint venture contract, each holding 50% of the shares, and invested 5.1 billion yuan to establish Beam Automobile Co., Ltd. In addition, Volkswagen Group (China) will establish a research and development center with Jianghuai Automobile (6.460, 0.08, 1.25%) and the SEAT brand to develop electric vehicle models, vehicle networking and autonomous driving technologies and supporting equipment that meet the needs of the Chinese market. Parts and core technologies. In addition, JAC Volkswagen will develop a competitive pure electric vehicle platform based on the respective technical reserves of the three parties.

Typical case

Joint venture between Great Wall and BMW under double-integration pressure

On July 10 this year, Great Wall and BMW officially signed a joint venture contract, and each of them holds 50% of the joint venture company. According to the plan, the joint venture will produce pure electric MINI and plan a brand new new energy vehicle brand, which will launch the first model in 2021. The company is also the second joint venture of BMW in China.

Under the pressure of the double points policy, the Great Wall and BMW are waiting for the project to be launched. In April this year, the “Annual Fuel Consumption of Passenger Car Enterprises and New Energy Vehicle Points” released by the Ministry of Industry and Information Technology showed that only the C30EV and WEY P8 two new energy vehicles are selling Great Wall Motors (9.210, -0.07, -0.75%), has entered the low-speed electric car company Hebei Yujie, but it is still difficult to offset its nearly 160,000 negative points. In the first half of this year, investment bank Goldman Sachs downgraded Brilliance China's auto rating from “buy” to “neutral” because of the reduced tariffs on imported cars or the impact on BMW's locally produced car sales and sales prices, and analyzed BMW. After the 5 series was replaced in October last year, the decline in channel prices may also reduce the attractiveness of the brand and the appeal of the new X3 model.

Therefore, from February this year, the two sides announced the signing of a letter of intent for cooperation, and by July the new joint venture company was announced, and the joint venture between Great Wall and BMW has progressed rapidly.

“The Great Wall can leverage BMW's operating experience in the global market and its technology accumulation in the field of new energy vehicles to enhance brand influence and competitiveness; and BMW can also cope with double points by cooperating with Great Wall in the field of new energy vehicles. Policy pressure, and enjoy relevant policy support.” An industry veteran who did not want to be named analyzed that the cooperation between Great Wall and BMW belongs to each need. On the one hand, they jointly respond to the double-point policy, and on the other hand, accelerate the cooperation to seize new China. Energy vehicle market share. “There are many other companies’ cooperation goals in the field of new energy vehicles.”

Increased cooperation in the power battery market

With the rapid development of China's new energy automobile industry, the demand for the power battery market has also increased significantly. Since the beginning of this year, many power battery companies have frequently reached cooperation with vehicle manufacturers in order to lock in more market share.

The Ningde era (82.590, -9.18, -10.00%), which has ranked the world's number one in power battery sales, is frequently cooperating with car companies. On July 19, Ningde Times signed a contract with Guangzhou Automobile Group (10.800, -0.10, -0.92%). The two parties plan to jointly establish Times Guangzhou Automobile Power Battery Co., Ltd. and Guangzhou Automobile Times Power Battery System Co., Ltd. in Guangzhou. As early as last year, Ningde era and SAIC Group (32.740, 0.17, 0.52%) jointly established the two companies of the era of SAIC and SAIC. In April of this year, Ningde era established a joint venture company Dongfeng Times with Dongfeng Electric Vehicle. It is estimated that by the year 2020, it will achieve an annual output of 192,000 sets of power battery systems. At present, the company has been completed and put into production. Ningde era has provided batteries for BAIC New Energy, Geely Automobile, Changan Automobile, Dongfeng Motor (4.110, 0.02, 0.49%) and became a partner of the Volkswagen Group, and signed a strategic cooperation letter of intent with Jaguar Land Rover.

As a power battery company and a car manufacturer, BYD also plans to open up a shared battery technology platform and seek cooperation with more car companies to seize market share. On July 5 this year, Changan Automobile signed a strategic cooperation agreement with BYD. The two parties will jointly establish a joint venture company with new energy power battery production and sales as its main business. Wang Chuanfu, chairman of BYD, said: "This strategic cooperation has taken the first step in the external supply of BYD's power battery. It is an important development of BYD's open supply and marketing system, and it has great strategic significance for the power battery business and even the long-term development of the group." Understand that BYD's power battery was previously only for internal use.

It is worth noting that car companies and power battery companies are still seeking cooperation at the capital level. Last year, Dongfeng Motor entered the Ningde era, and Changan Automobile also exchanged part of the equity of Ningde Times through indirect shareholding. On July 17, Ningde era and BMW Brilliance signed a contract to deepen cooperation. In addition to purchase orders, BMW Brilliance also mentioned that it is possible to make equity investments in the Ningde era. In addition, Changan Automobile will also participate in the BYD battery business segment, and the two sides will establish a more comprehensive strategic partnership through equity relations and capital ties.

Typical case

Mutual cooperation between Ningde era and Guangzhou Automobile to establish a battery joint venture company

On July 19 this year, Ningde Times and Guangzhou Automobile Group signed the "Joint Venture Contract of Time Guangqi Power Battery Co., Ltd." and "Joint Venture Contract of Guangzhou Automobile Times Power Battery System Co., Ltd.", the two parties plan to jointly establish Times Guangzhou Automobile Power Battery Co., Ltd. in Guangzhou. And Guangzhou Automobile Times Power Battery System Co., Ltd. Ningde Times said that this foreign investment will help deepen the cooperation between the company and GAC Group in the field of new energy vehicles, fully utilize and utilize the leading edge and resources of both parties in their respective fields, further expand the scale of the company's business, thereby enhancing the company's continued profitability. Ability, core competitiveness.

Undoubtedly, as a core component related to new energy vehicles, power batteries have become the core unit for the development of new energy vehicles. Whether it is for car manufacturers or battery manufacturers, strengthening cooperation with each other can effectively cope with the changes brought about by policies and market development.

Even if it has become the industry leader, Ningde era still faces huge risks. The Ningde era issued a warning that if the market demand is not as expected in the future, the market may have structural and staged overcapacity. Insiders pointed out that through joint ventures with car companies and related equity bindings, Ningde era can minimize risks while further increasing market share.

For GAC Group, the industry generally believes that GAC Group can obtain the core technology of power battery through joint venture and cooperation. On the other hand, it can also rely on the capacity supply of Ningde era to reduce the constraints of other battery companies. It is understood that according to the agreement, not only the new energy vehicles of the Guangzhou Automobile passenger car will be equipped with batteries in the Ningde era, but also the joint ventures of the Guangzhou Automobile Group, such as Guangqi Honda and Guangzhou Automobile Toyota, can also be equipped with the power battery of the Ningde era.

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