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At 15 o'clock local time on March 28 (Beijing time 21:00), Zhejiang Geely Holding Group Co., Ltd. and Ford Motor Company of the United States signed the Geely acquisition of Volvo agreement in Gothenburg, Sweden, where Volvo is headquartered. After approval from the relevant regulatory authorities in the US, China, Sweden and the European Union, it is expected to complete the transaction in the second quarter of this year.
The long-awaited Geely's acquisition of Volvo has basically been decided, and it is of great significance to acquire the first luxury automobile brand in China as a Chinese auto company.
China's car dreams of good things Zhao Hang, director of the China Automotive Technology and Research Center, said in an interview with Xinhua News Agency that the "Automotive Industry Adjustment and Revitalization Plan" issued by the state at the beginning of last year clearly stated: "Structural adjustment as the main line to promote mergers and acquisitions of automobile enterprises There are many forms of mergers and acquisitions, not only the mergers and acquisitions between domestic enterprises, but also the opportunities brought about by the international financial crisis to acquire overseas auto companies. Geely's acquisition of Volvo, one can help Chinese independent brand auto companies to enter the international market as soon as possible. Second, it is possible to graft international famous brands for my use. The third is to demonstrate the strength of China's auto industry.
Long Guoqiang, a researcher at the Development Research Center of the State Council, believes that under the impact of the international financial crisis, the value of assets of many foreign companies is underestimated, which is a good time for Chinese companies to take action. Through overseas mergers and acquisitions, you can get the coveted international brands, core technologies and international marketing channels at a lower cost. Geely's successful acquisition of Volvo is a shortcut for China's auto industry to achieve technological leapfrogging, which can rapidly improve the soft power of China's auto industry.
Volvo brand is worth buying. As an international luxury car brand with Mercedes-Benz, BMW and Audi, Volvo's brand value and technology far exceed Saab. Volvo, which has a history of 82 years, is a famous luxury car brand in Europe and is known as “the safest car in the worldâ€. In terms of safety and energy conservation, there are many advanced technologies and patents developed exclusively.
Although Volvo's operations have been in trouble in recent years and sales have fallen all the way, it is still a multinational auto company with a net worth of more than $1.5 billion and a hematopoietic and sustainable development capability. The value of the Volvo brand alone is close to 10 billion US dollars. It also has 4,000 high-quality R&D talents and system capabilities. It has low carbon development capability and can meet 10 Euro and Euro 7 emission regulations for 10 complete vehicles and 3 engines. The car has a capacity of nearly 600,000.
In 1999, Ford Motor Company spent $6.45 billion to acquire Volvo, and Volvo became a wholly-owned subsidiary of Ford. Geely's acquisition of Volvo's entire net assets, the price paid is only about one-third of the Ford purchase price of the year.
Ford Motor President Mulally said that Volvo is a great brand. The main reason for selling Volvo is that Ford will focus on developing the Ford brand in the future.
From a business perspective, Geely's acquisition of Volvo is definitely a good deal.
Geely acquired Volvo to buy core technology. According to the agreement signed by the parties, Geely not only acquired the entire equity of Volvo, but also acquired Volvo's core technology, patents and other intellectual property rights and manufacturing facilities, and also obtained Volvo's global distribution channels. .
Huang Yonghe, chief expert of China Automotive Technology and Research Center, believes that this overseas acquisition can enhance the competitiveness of China's auto industry in the local market, provide original technical basis for independent innovation, achieve technological leapfrogging, and provide “going out†for China's auto industry. The ready-made channel will rapidly increase the proportion of Chinese autos and parts in the European, American and Japanese markets, solve the intellectual property problems faced by China's auto industry independent innovation, and achieve zero breakthrough in the auto market in developed countries, fundamentally changing China. The international image of the automotive industry.
According to Geely, the merger will be carried out in the form of special purpose project companies established at home and abroad. At present, the funds of the participating parties have been implemented, the project company has already prepared, and will gradually increase capital according to the project schedule to ensure that the normal progress of the acquisition project is met.
In recent years, Geely has successfully carried out a series of international operations and gained some experience in capital operation. Such as the joint venture with the British Manganese Bronze Company, the production of British classic taxis in Shanghai. Successfully listed in Hong Kong. After the financial crisis broke out, Geely Automobile successfully acquired the world's second-largest automatic transmission manufacturer in Australia, providing a practical reference for Geely's overseas international operation.
Geely is confident that Volvo will be profitable within two years. Geely, as a dark horse of China's own brand car, has developed rapidly in recent years and has become a new force in the Chinese automobile industry. However, regardless of the size of the company, the level of research and development, and sales, Geely's strength is still far from Volvo. Some people have compared Geely's acquisition of Volvo to "snake." Others have questioned Geely’s ability to operate international brands and believe that “even if Geely buys Volvo in the end, it will be difficult to digest.â€
Li Shufu, chairman of Geely Holding, told Xinhua News Agency that Geely started the acquisition of the Volvo project two years ago and formed a large team including internationally renowned investment banks, accounting firms and law firms. In the past two years, the project team exchanged a large amount of information with Ford, established a complete financial forecasting model, and conducted qualitative and quantitative analysis of various potential risks. Based on this, the post-acquisition operational management plan was determined.
Li Shufu believes that Volvo's losses are mainly due to the financial crisis, the sharp decline in sales, the short-selling of production capacity, and the high procurement costs. After the merger, Geely will fully mobilize the enthusiasm, initiative and creativity of the existing Swedish management team and develop a new reward assessment mechanism. While consolidating and stabilizing existing mature markets in Europe and America, we will actively explore emerging markets represented by China, reduce costs and broaden product lines.
Li Shufu expects that Volvo will turn a profit within two years after the above measures are in place.
Volvo brand and quality will not be reduced. Some people worry that after Volvo is acquired by Geely, the quality and brand will be reduced. Although most people in China believe that they will give priority to buying Volvo in the future, others claim that they will not consider buying Volvo in the future.
Dr. Ke Lishi, CEO of Volvo (China) Co., believes that Volvo always puts luxury quality first, and produces high-quality cars in accordance with uniform standards everywhere. Geely and Volvo are two completely different market segments, and Geely will not sacrifice Volvo's quality for short-term cost reduction.
Ke Lishi is full of confidence in the development of Volvo in China after the acquisition of Geely. He believes that after the acquisition, Volvo's overall strategic development direction will not be affected, but will help Volvo's development plan in the Chinese market better and more convenient. First, from the national sentiment point of view, Chinese consumers are eager to see the acquisition of international brands by local brands, which will help consumers to recognize Volvo and expand Volvo's market share in China's luxury car market. Second, after Geely completed the acquisition, Volvo became the only luxury car manufacturer in China, and the Chinese government will give more support to Volvo. Third, it will help Volvo to accelerate the progress of localization in China, and some models will be exported to other countries.
Huang Yonghe believes that Geely's acquisition of Volvo is based on Volvo's brand value and core technology. Geely Automobile, which is trying to get rid of the low-end car manufacturer, will cherish the value of the Volvo brand that will be available soon, and will maintain the traditional position of Volvo's world-class brand at all costs.
Some experts believe that the success of the acquisition is only the first step. Although Geely Automobile has had some success in international business, it has not had the experience of operating a multinational auto company. How to ensure that Volvo will turn a profit as soon as possible after the acquisition, and maintain a good reputation of the brand, the bigger challenge is still behind.
The long-awaited Geely's acquisition of Volvo has basically been decided, and it is of great significance to acquire the first luxury automobile brand in China as a Chinese auto company.
China's car dreams of good things Zhao Hang, director of the China Automotive Technology and Research Center, said in an interview with Xinhua News Agency that the "Automotive Industry Adjustment and Revitalization Plan" issued by the state at the beginning of last year clearly stated: "Structural adjustment as the main line to promote mergers and acquisitions of automobile enterprises There are many forms of mergers and acquisitions, not only the mergers and acquisitions between domestic enterprises, but also the opportunities brought about by the international financial crisis to acquire overseas auto companies. Geely's acquisition of Volvo, one can help Chinese independent brand auto companies to enter the international market as soon as possible. Second, it is possible to graft international famous brands for my use. The third is to demonstrate the strength of China's auto industry.
Long Guoqiang, a researcher at the Development Research Center of the State Council, believes that under the impact of the international financial crisis, the value of assets of many foreign companies is underestimated, which is a good time for Chinese companies to take action. Through overseas mergers and acquisitions, you can get the coveted international brands, core technologies and international marketing channels at a lower cost. Geely's successful acquisition of Volvo is a shortcut for China's auto industry to achieve technological leapfrogging, which can rapidly improve the soft power of China's auto industry.
Volvo brand is worth buying. As an international luxury car brand with Mercedes-Benz, BMW and Audi, Volvo's brand value and technology far exceed Saab. Volvo, which has a history of 82 years, is a famous luxury car brand in Europe and is known as “the safest car in the worldâ€. In terms of safety and energy conservation, there are many advanced technologies and patents developed exclusively.
Although Volvo's operations have been in trouble in recent years and sales have fallen all the way, it is still a multinational auto company with a net worth of more than $1.5 billion and a hematopoietic and sustainable development capability. The value of the Volvo brand alone is close to 10 billion US dollars. It also has 4,000 high-quality R&D talents and system capabilities. It has low carbon development capability and can meet 10 Euro and Euro 7 emission regulations for 10 complete vehicles and 3 engines. The car has a capacity of nearly 600,000.
In 1999, Ford Motor Company spent $6.45 billion to acquire Volvo, and Volvo became a wholly-owned subsidiary of Ford. Geely's acquisition of Volvo's entire net assets, the price paid is only about one-third of the Ford purchase price of the year.
Ford Motor President Mulally said that Volvo is a great brand. The main reason for selling Volvo is that Ford will focus on developing the Ford brand in the future.
From a business perspective, Geely's acquisition of Volvo is definitely a good deal.
Geely acquired Volvo to buy core technology. According to the agreement signed by the parties, Geely not only acquired the entire equity of Volvo, but also acquired Volvo's core technology, patents and other intellectual property rights and manufacturing facilities, and also obtained Volvo's global distribution channels. .
Huang Yonghe, chief expert of China Automotive Technology and Research Center, believes that this overseas acquisition can enhance the competitiveness of China's auto industry in the local market, provide original technical basis for independent innovation, achieve technological leapfrogging, and provide “going out†for China's auto industry. The ready-made channel will rapidly increase the proportion of Chinese autos and parts in the European, American and Japanese markets, solve the intellectual property problems faced by China's auto industry independent innovation, and achieve zero breakthrough in the auto market in developed countries, fundamentally changing China. The international image of the automotive industry.
According to Geely, the merger will be carried out in the form of special purpose project companies established at home and abroad. At present, the funds of the participating parties have been implemented, the project company has already prepared, and will gradually increase capital according to the project schedule to ensure that the normal progress of the acquisition project is met.
In recent years, Geely has successfully carried out a series of international operations and gained some experience in capital operation. Such as the joint venture with the British Manganese Bronze Company, the production of British classic taxis in Shanghai. Successfully listed in Hong Kong. After the financial crisis broke out, Geely Automobile successfully acquired the world's second-largest automatic transmission manufacturer in Australia, providing a practical reference for Geely's overseas international operation.
Geely is confident that Volvo will be profitable within two years. Geely, as a dark horse of China's own brand car, has developed rapidly in recent years and has become a new force in the Chinese automobile industry. However, regardless of the size of the company, the level of research and development, and sales, Geely's strength is still far from Volvo. Some people have compared Geely's acquisition of Volvo to "snake." Others have questioned Geely’s ability to operate international brands and believe that “even if Geely buys Volvo in the end, it will be difficult to digest.â€
Li Shufu, chairman of Geely Holding, told Xinhua News Agency that Geely started the acquisition of the Volvo project two years ago and formed a large team including internationally renowned investment banks, accounting firms and law firms. In the past two years, the project team exchanged a large amount of information with Ford, established a complete financial forecasting model, and conducted qualitative and quantitative analysis of various potential risks. Based on this, the post-acquisition operational management plan was determined.
Li Shufu believes that Volvo's losses are mainly due to the financial crisis, the sharp decline in sales, the short-selling of production capacity, and the high procurement costs. After the merger, Geely will fully mobilize the enthusiasm, initiative and creativity of the existing Swedish management team and develop a new reward assessment mechanism. While consolidating and stabilizing existing mature markets in Europe and America, we will actively explore emerging markets represented by China, reduce costs and broaden product lines.
Li Shufu expects that Volvo will turn a profit within two years after the above measures are in place.
Volvo brand and quality will not be reduced. Some people worry that after Volvo is acquired by Geely, the quality and brand will be reduced. Although most people in China believe that they will give priority to buying Volvo in the future, others claim that they will not consider buying Volvo in the future.
Dr. Ke Lishi, CEO of Volvo (China) Co., believes that Volvo always puts luxury quality first, and produces high-quality cars in accordance with uniform standards everywhere. Geely and Volvo are two completely different market segments, and Geely will not sacrifice Volvo's quality for short-term cost reduction.
Ke Lishi is full of confidence in the development of Volvo in China after the acquisition of Geely. He believes that after the acquisition, Volvo's overall strategic development direction will not be affected, but will help Volvo's development plan in the Chinese market better and more convenient. First, from the national sentiment point of view, Chinese consumers are eager to see the acquisition of international brands by local brands, which will help consumers to recognize Volvo and expand Volvo's market share in China's luxury car market. Second, after Geely completed the acquisition, Volvo became the only luxury car manufacturer in China, and the Chinese government will give more support to Volvo. Third, it will help Volvo to accelerate the progress of localization in China, and some models will be exported to other countries.
Huang Yonghe believes that Geely's acquisition of Volvo is based on Volvo's brand value and core technology. Geely Automobile, which is trying to get rid of the low-end car manufacturer, will cherish the value of the Volvo brand that will be available soon, and will maintain the traditional position of Volvo's world-class brand at all costs.
Some experts believe that the success of the acquisition is only the first step. Although Geely Automobile has had some success in international business, it has not had the experience of operating a multinational auto company. How to ensure that Volvo will turn a profit as soon as possible after the acquisition, and maintain a good reputation of the brand, the bigger challenge is still behind.
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