Brilliance, once rejuvenated, is once again at a crossroads that may be reorganized.
In the first quarter of this year, Brilliance Automobile broke out again. For Brilliance, which only achieved historical losses in 2007, the blow was quite heavy. In fact, starting in 2008, sales of Brilliance gradually fell into decline. In the domestic market, Brilliance relied too much on Junjie. In 2008, the sales volume of Junjie's single model accounted for more than 28% of all sales of Brilliance. The myth of 23% lead in sales growth in the industry earlier this year has already become a thing of the past.
At the same time, as the highly valued "other leg", Brilliance's export road has also gone through rough times. After signing an export agreement for 5 years with 158,000 cars from HSO Motorsport in Germany, Brilliance had two encounters with the “Collision Gate†in Germany. This not only made Brilliance feel embarrassed, but also kept C&C's sales in Germany under 7,000 lines. This figure has already been a breakthrough for private brand cars, but compared with the huge plan of 158,000, the result of 7,000 cars can only be disappointing.
Although Brilliance has always stressed that new models are rather overwhelming, profits of old models have continued to decline, and new models have been introduced too slowly. This has undoubtedly laid the foundation for losses in the high-speed Mercedes-Benz Chinese auto market.
If we say that the temporary loss is not yet enough to push Brilliance onto the restructured list, then the "Auto Industry Adjustment and Revitalization Plan" issued in March this year has given Brilliance a record. The plan clearly stated that support for the “Four Big Four, Four Small†eight companies to participate in the national and local restructuring, and as the main line of self-owned brand cars, Brilliance, which had previously been highly praised, was unexpectedly defeated. Since then, the reorganized party has been “fallen†as being Reorganization targets, rumors that BAIC and Guangzhou Automobile may “reform large and small†may reorganize Brilliance.
For Brilliance, who has always been committed to building brands, being restructured by any of his peers is obviously not the result he is willing to see. For this reason, Hua Yu, chairman of the board of directors, Yu Yumin has repeatedly made rumors that the Brilliance team has never had any contact with the so-called "reorganization party."
But what made Brilliance unexpected is that the chairman's statement was actually "inflammable." Not long after Yan Yumin’s statement, on July 23, there was news that due to the fact that Huachen’s car was hard to change, Sui Yumin might be forced to resign. Affected by this news, Brilliance's listed company Jinbei Auto's share price crashed.
The rumors of Yan Yumin’s class were soon clarified by the Liaoning Provincial State Assets Supervision and Administration Commission, but the rumors of BAIC and Guangzhou Automobile intending to reorganize Huachen have also been confirmed. It is reported that FAW and GAC are approaching the relevant departments to try to promote the reorganization of Brilliance through the government.
Faced with the dual pressure of internal loss and external restructuring, Brilliance has to accelerate its progress. Cooperation with Mercedes-Benz has become an important strategic decision for Brilliance.
Chairman Yu Yumin stated that Brilliance will establish a joint venture with Mercedes-Benz and select sites in Shanghai, Tieling, etc. to build four new production bases to fill the gap in the domestic market for light commercial vehicle conversion models and develop 4 to 10 tons of medium- and heavy-duty trucks at the same time. Enter the commercial vehicle field. This strategic choice is expected to change the low-profit structure of its products and improve profitability.
Controlling costs has also become the focus of Brilliance's work this year. In the first half of this year, Brilliance has reduced costs and expenses by 400 million yuan. Their goal is to reduce costs by 1 billion yuan throughout the year.
In addition, we must actively expand our production capacity and complete the distribution of points in the south and the north. Funding is essential. The three listed companies of Brilliance and the special identity of the former deputy mayor of Yan Yumin in Dalian provided sufficient space for their financing.
However, it is probably the Liaoning provincial government that can really decide whether Brilliance should be reorganized. For Brilliance, the attitude of the Liaoning provincial government is clear: independent development.
It seems that at least for now, Brilliance is "independent" and innocent.
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