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Core tips
On the afternoon of the 13th, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of the Law Enforcement Division interviewed relevant representatives of Volkswagen (China) Investment Co., Ltd. and asked the company to take effective and effective measures as soon as possible to solve the problem of public DSG transmission failure. The person in charge of the AQSIQ Law Enforcement Division stated that since a certain period of time, the General Administration of Quality Supervision, Inspection and Quarantine has received consumer complaints in succession, reflecting the phenomenon of abnormal sound, jitter, and setbacks in the DSG transmission of the Volkswagen brand series. The General Administration of Quality Supervision, Inspection and Quarantine has informed the public companies (including FAW-Volkswagen Automotive Co., Ltd., Shanghai Volkswagen Automotive Co., Ltd., Volkswagen Automotive (China) Investment Co., Ltd., the same below) about the relevant complaints, and started defect investigation work.
Opportunities and risks
The domestic auto parts industry structure is weak, small and scattered. Although the scale of the industry is relatively large, it lacks economies of scale. The key components and parts are almost entirely occupied by foreign capital. The competitiveness of the industry is mainly reflected in cheap labor and resource costs. From the behavior analysis, we can see that the AQSIQ's actions represent only part of the Chinese government's efforts to support the national automobile and its parts and components companies. Support has only just begun. As local auto parts companies are endowed with enthusiasm, domestic alternative import, independent innovation and merger and acquisition of peers, and gradually master the core technology, there are promising futures.
Domestic alternative import market space
To understand the success of the "market-for-tech" in the Chinese auto industry, we must first look at the data from the Ministry of Commerce. The data shows that foreign capital controls most of the market share of auto parts. The sales revenue of domestic auto parts only accounts for 20%-25% of the whole industry. Auto parts manufacturers with foreign backgrounds account for more than 75% of the whole industry. Among foreign suppliers, wholly-owned enterprises accounted for 55%, Sino-foreign joint ventures accounted for 45%, and local parts and components were mainly used in self-owned brand vehicles, which had a low market share. In the areas of high-tech content such as automotive electronics and engine parts, the foreign market share is as high as 90%. Among them, the output of key components such as automotive EFI systems, engine management systems, ABS and airbags, and automatic transmissions, etc. The proportions are 100%, 100%, 91%, and 69% respectively. It is not difficult to explain why China is the world's largest automobile country, but it is not a powerful automobile country. The Chinese side of many joint ventures only gets a small profit. Because most of the profits are acquired by foreign companies. Now that Europe and the United States are in an economic downturn, independent auto makers in China are taking advantage of such opportunities to quickly acquire and break key technologies, occupy the commanding heights of technology, and then harvest the big cakes in the Chinese auto market. As the saying goes, "Knowing shame and then brave, latecomers first"!
Independent innovation and merger and acquisition peers
The shortage of auto parts in China is mainly manifested in key parts and high-end products. However, there has been a breakthrough. Among them, one of the paths of breakthrough is independent research and development and innovative development. For example, on June 30, 2009, the first domestic high-end automatic transmission with completely independent intellectual property rights—Oytime's all-electrically controlled, low noise, high transmission ratio, and high applicability 4-speed automatic transmission, was the largest in China. The successful production of engine and transmission production base in Inner Mongolia Euro-Ide Engine Co., Ltd. has filled China's gap in the manufacturing of core components. Another method is to quickly acquire markets and technologies through mergers and acquisitions. Far from the Beijing Pacific (601099, stock bar) century acquisition of the US General Motors Nextee steering system, Weichai Power acquired the French engine manufacturer Moteurs Baudouin and so on. Nearly a huge number of cars and young cars are buying Saab. Yesterday, the Lingyun Group, a subsidiary of the China North Industries Group, acquired other companies in the United Nations and acquired 100% of the equity interest in Germany's Kai-Tech. The acquisition of this share symbolizes that China's auto parts companies have international leading core technologies, high-quality products, high-end customers, and mature R&D systems in the manufacture of automobile door locks. Therefore, gradually grasping the core Chinese auto parts enterprises is worth paying attention to in the medium and long term.