On May 16, Dongfeng Motor Group and Fujian Automobile Group held a signing ceremony in Fuzhou, and announced the details of the agreement at noon on the 16th.
At present, the two sides are silent on the content of cooperation. However, the current market speculation may have the following two possibilities: First, Dongfeng first acquired more than 40% of the shares of Fuqi. According to the requirements of the Fujian provincial government, the annual sales volume of Fuqi reached 300,000 units. At the same time, Dongfeng re-acquired the remaining shares of Fuqi and became the controlling shareholder; the second is Dongfeng's revenue from Southeast Auto and Xinlongma, which was used by Dongfeng Passenger Car's “big autonomy†strategy.
Founded in 1992, Fuqi Group is a wholly state-owned company in Fujian Province. Its subsidiaries include Southeast Auto, Fujian Daimler, Xiamen Jinlong, Xinlongma Auto, and Fuzhou Automobile Group Automotive Engineering Research Institute. As early as 2009, the rumors that the large auto group intends to restructure Fuqi continued to appear. Before the BAIC Group and Fuzhou Automobile Group signed a framework agreement to acquire part of the equity of Fujian Benz, but it was finally lost. Dongfeng Motor Corporation reorganized the Fuqi Group in July 2012. Dongping Motor Chairman Xu Ping and General Manager Zhu Fushou and other people held talks with the Fujian Provincial Government in Wuhan and reached preliminary intentions, and sent a delegation to the overall business of the Fuqi Group. Development and financial status are investigated to form a memorandum of cooperation.
However, according to industry insiders, the group's automakers only earned profits from Southeast Auto and Xiamen Jinlong. Fujian Daimler and Xinlongma, which was not established for a long time, were all at a loss. As the core asset of Fuqi, Southeast Motors had a sluggish sales growth due to slow product launches. However, from January to April 2013, the cumulative sales, operating income and total profit of Southeast Auto increased by 18.96%, 7.63% and 65.34% respectively over the same period of last year.
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