However, all unexpected phenomena are only superficial phenomena, and undercurrent is the essential driving force. Instantaneous outbreaks are invariably the result of a long time.
"Brilliance was ruled bankrupt and reorganized by the court"
"CSRC filed a case to investigate Brilliance"
……
"Is Brilliance still saved?" Colleagues asked.
"It can be saved again, so it enters bankruptcy reorganization, not bankruptcy liquidation." Here's my answer.
However, the information sent by the mobile phone makes people sit still: "? 3 is the SOP of the Xu Shui side of the Great Wall in 2024. "
After all, the Great Wall has taken away the position of Brilliance, which has become another page for China's independent automobile industry to survive the fittest.
Can't die, can't be good.
When half the attention of the automobile industry was focused on the Guangzhou Auto Show, the news about "Brilliance Bankruptcy" was overwhelming.
Many people don't understand the ruling issued by Shenyang Intermediate People's Court on the 20th: "Brilliance Group's assets are not enough to pay off all debts, and it has bankruptcy reasons stipulated in the Enterprise Bankruptcy Law. But at the same time, the group has the value and possibility of saving, and restructuring is necessary and feasible. "
Key points: 1. Brilliance Group is insolvent, which constitutes the cause of bankruptcy. 2, there is also the value and possibility of saving.
The concept of "bankruptcy" needs popular science.
Bankruptcy in a narrow sense refers to bankruptcy liquidation. If the bankruptcy law of the United States is used? Country? Bankruptcy Code) to compare, is the seventh chapter "liquidation" (chapter? 7? Liquidation), it is necessary to appoint a trustee to collect the debtor's assets and pay as much as possible to the creditors with the proceeds after liquidation. In the automobile industry, Saab in Sweden declared bankruptcy liquidation in 20 1 12 after the bankruptcy reorganization failed, and even the garage with a history of more than 70 years was sold. Of course, we know that some of Saab's automobile-related assets were later acquired by Guoneng Group, so there was NEVS；; After that, NEVS moved to Evergrande.
In many cases, bankruptcy is the abbreviation of "bankruptcy reorganization/reorganization", also known as "bankruptcy protection", which corresponds to Chapter 1 1 of the United States Bankruptcy Law. 1 1? Reorganization), usually without the execution of the trustee, the debtor holds its assets, pays off its debts as much as possible, and continues its business activities. For example, the "bankruptcy" of General Motors and Chrysler in 2009 is this category.
Simply understood, bankruptcy reorganization/protection and bankruptcy liquidation are the differences between "coming back from the dead" and "dying too late". At least so far, Brilliance is still moving in the direction of "survival".
Then, how to understand what the court said "there is still the value and possibility of saving"? The entire Brilliance Group currently has 47,000 employees, and this order of magnitude of employment is undoubtedly as heavy as Mount Tai from the government's point of view. On the business level, although Brilliance China, a self-owned brand passenger car, performed weakly, BMW Brilliance, a joint venture company, Chen Xin Power and Aerospace Mitsubishi, and Jinbei, a commercial vehicle, all performed well in their respective segments.
Equity means that Brilliance has a close relationship with the local government. Liaoning SASAC holds 80% equity of Brilliance Group, and Liaoning Social Security Fund Council (affiliated to the Ministry of Finance) holds 20% equity. The direct Chinese shareholder of BMW Brilliance is Shenyang Jinbei Automobile Industry Holding Co., Ltd., which is controlled by Shenyang Xing Far East Auto Parts Co., Ltd. 100%, and Xing Far East is wholly controlled by Bermuda Brilliance China Automobile Holding Co., Ltd. (a listed company registered at 1992). Therefore, Brilliance is a direct relative of Liaoning government, and BMW Brilliance has become a profitable cow through the multi-layer "parent company-subsidiary company" relationship.
However, saving Brilliance is not easy.
Tracing back to the source, Yang Rong inherited the mantle of Zhao Xiyou, the founder of Brilliance, and created many new situations in Brilliance. However, he also laid too many stalls. After the joint venture between Jinbei GM and BMW Brilliance, it negotiated cooperation with Renault and Rover to buy Shaanxi Qinchuan. As soon as Qi Yumin took office, he made a 180-degree turn, insisting on the value of state-owned assets of Brilliance as the core, paying close attention to the stock price and market value of domestic listed companies, but neglecting the development of independent board of directors of Brilliance, deviating from the laws of the market and industry, which became the fundamental reason for the decline of Brilliance today.
There are so many myths about Yang Rong in the industry that he even concocted absurd remarks about "invincible faith", ignoring that his later "right car" was a PPT car. Qi Yumin's conservatism and value orientation determine the distortion and stop growth of the whole brilliant system.
From the lack of cutting-edge technology research and development, poor product and design strength, improper grasp of market trends, the late arrival and missed opportunity of Brilliance China V6/7, to the confusion of network channels, the imbalance between primary and secondary networks, to the lack of talents, the difficulty in promoting various businesses, and even excessive betting on the bond financial market, it has laid a curse for today's "explosion". The collapse of the system and the degradation of consciousness are far from the success or failure of a car or the quality of a marketing.
The Great Wall's taking away the BMW 3 Series is just the beginning.
"Automobile Commune" took the lead in breaking the news in the industry that "Great Wall and BMW are joint ventures". Later, the industry also saw that the Great Wall and BMW set up a beam car, intending to promote the MINI brand electric car first.
Overture is never the whole melody.
People from Xu Shui Branch of Great Wall Motor Co., Ltd. revealed to us that BMW actually has greater expectations for the joint venture with Great Wall. Not only is it expected that all MINI series will be put into production in the future, but the news of chassis business also shows that BMW 3 series production line is being laid, and SOP(Start? Yes? Production).
This statement is actually quite incredible. Great Wall and BMW have a joint venture company, Beam Auto, and the Zhangjiagang factory is expected to put into production mini electric vehicles in 2022, which may be on the same platform as Euler. What do you mean by breaking the news? First of all, MINI is not only a new electric car made in China, but all products are made in China. Secondly, BMW not only intends to hand over the MINI to the joint venture company with Great Wall, but also BMW brand models will be stationed. Thirdly, besides the Zhangjiagang factory of Liang, the production base also has the Xu Shui factory of Great Wall. Perhaps the BMW 3 Series of Great Wall still belongs to Beam in product sequence.
So, what about BMW Brilliance? In 2022, BMW will hold 75% of the shares of BMW Brilliance, which is closer to complete control. Logically speaking, BMW has no reason to weaken BMW Brilliance. However, we know that the announcement of Brilliance and BMW on 20 18 shows that BMW Brilliance will not only put into production the electric vehicle IX3, but also make X5, a heavy and high-standard product, domestically. If the 3 Series is indeed transferred to the Great Wall BMW Joint Venture, then obviously BMW Brilliance will undertake a heavier task of manufacturing BMW high-end products.
If the news is completely true, then Great Wall BMW will "prove" that a series of independent and joint venture companies-the joint venture sector of weak Chinese partners, are either taken over by foreign parties or deprived of authority and transferred to the joint venture business of strong Chinese partners.
At present, the closest thing to Brilliance-BMW-Great Wall is BAIC- Benz-Geely. Mercedes-Benz also hopes to hold a 75% stake in Beijing Benz. Geely also launched a Smart motor based on Smart after its joint venture with Mercedes-Benz. However, with Geely's ambition, it is hard to imagine being satisfied with an electric mini-car. Will the main models of Mercedes-Benz brand, such as mercedes benz c class, also be transferred to Geely-Mercedes-Benz joint venture for production? Maybe the parties concerned are already negotiating and planning.
The background of this bold interpretation is that the strong and weak division of the independent camp has reached an unprecedented level. Based on the analysis in the first half of this year, in June, the share of joint-venture brands in the passenger car market in China reached a new high of nearly 68%, announcing that independent brands hit a new low of 32.2% in recent years. Throughout the first half of the year, independent brands only accounted for 35.3% of the passenger car market, compared with 37.5% and 39.0% in June and the first half of last year respectively.
A few years ago, we said that joint venture car companies lacked SUVs. Now, from Volkswagen to Japanese cars, the joint venture SUV is surging, and the American and Korean departments also expect SUV to bring revitalization; We also say that joint venture car companies lack new energy vehicles. Now Tesla leads in pure electric vehicles and German leads in hybrid vehicles, sweeping the new energy vehicle market in China. Therefore, the joint venture brand makes the independent camp no longer enjoy the blue ocean bonus of "I have enemies".
A number of weak people in independent camps fell, such as Huatai, Zotye and Lifan. Therefore, in the first half of the year, the cumulative sales volume of independent brands decreased by 30.2% year-on-year to 2,702,890 vehicles, much higher than 18.3% of joint venture vehicles and 22.9% of passenger cars. In June, when the joint venture and the broader market rose by 9.5% and 1.2% respectively, they still fell by 13.0%.
The mechanism of survival of the fittest and screening is beneficial to independent head enterprises in the medium and long term. When the car companies that gained a place in the immature market through shanzhai and imitation fall down one after another, once the market returns to normal from the cold winter, the strong will share all the shares left after the weak sink.
Stumbling to make a living in the ups and downs of the whole automobile market is a portrayal of the new life in the automobile market. The race between life and death will inevitably re-clean the industry situation, shuffle the allocation of resources, "let God's belong to God and Caesar's belong to Caesar", and restore a healthy and upward order from the chaos of barbaric growth.
On the other hand, under the new normal background, consumers are bound to be more rational. In addition, domestic people know more about cars and will accelerate the survival of the fittest from the terminal. The next step is that the progress on the manufacturing side is more likely to boost consumers' taste and rationality. Thus, under the action of external pressure, the B-end and the C-end enter a positive cycle of alternating advance and rise.
Don't blame the jungle law of the industry for being too cruel and bloody. Matthew effect of weeding and saving species caused waves. The weak who have been killed can only become the names that make people lament on the page of history, while the strong are more rock-solid and ready to go.
Text/Kaman? North shore
-
Wechat searches for "Car Commune" and "One-sentence Comment" to follow the official account of WeChat, or visit the Daily Auto News Network for more industry information.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.