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Inscription: The media reported that Wanxiang Group continued to make efforts to start with the famous American battery manufacturer A123. I believe that China needs its own suppliers of new energy core components, but if the purchase is not smooth, we must concentrate more on creating this technology. Talent and its peripheral equipment rather than a brand. Of course, in such mergers and acquisitions, in order to reduce the difficulties of new energy development in the United States, the United States, and the world, political turmoil must minimize interference with new energy vehicles that are already weak.
First, China continues to favor A123 to avoid the basket of water. Automotive News: Wanxiang is still likely to buy bankruptcy American battery makers. Wanxiang Group is a supplier of auto parts in China and has previously helped American battery manufacturer A123 Systems. The company stated that although the A123 system recently decided to apply for bankruptcy protection, the company still wants to take over the company. U.S. president Ni Feng said that the bankruptcy application may make A123 more investment value because the court procedure will eliminate legal risks. Ni said on Thursday that A123 announced this week that it will separate the auto assets sold to Johnson Controls and the target assets of Wanxiang. Ni said: "The bankruptcy court mechanism is like a filtering and cleaning program to make a dirty child who is covered with mud become a clean child. Even though the child will be smaller, he has removed the obligations and responsibilities that he had to assume before." A123 company had received 249 million U.S. dollars in federal bailout money. The company said it will abolish the original agreement with Wanxiang, apply for bankruptcy protection, and sell auto assets to Johnson Controls. Wanxiang Group is China's largest auto parts manufacturer. At the beginning of the year, it agreed to provide A123 with up to US$465 million (2.9 billion) in loans and convertible bonds to purchase 80% of its equity. The universal merger plan can protect itself against the potential bankruptcy of A123, but he said that competitive bidders may raise the cost of acquiring A123. The Johnson Controls deal won't collide with Wanxiang's deal because the Chinese company is interested in all of A123's assets, not just some of its assets. In response to China, when Wanxiang Group and A123 announced the transaction in August, they were opposed by Massachusetts Representative Walsem and Republican Senator Stern of Florida, who believed that there may be national security issues. Ni said that Wanxiang did not face any opposition from US laws and regulations. The company was opposed by politicians because purely this year was an election year. Ni said: "In a two-party system, they must find out the enemy. China is the most convenient goal. This is the reality." The bankruptcy protection gave Republican Romney a clue to attack Obama's poor economy. situation. Romney’s campaign spokesperson said earlier this week: “The bankruptcy of A123 is another example. The strategy of proving the president’s attempt to save the economy with billions of dollars in taxpayer’s money is catastrophic.†A123’s announcement stated that this Week's actions can clear the way of "orderly sale" companies. Johnson Controls plans to acquire A123’s auto business assets worth US$125 million. It will also provide US$72.5 million to support the day-to-day operations of A123. According to the August 31 bankruptcy court filing in Wilmington, Delaware, the company’s assets totaled 460 million U.S. dollars and liabilities were 376 million U.S. dollars. In the financial lifeline, A123 saw a sudden increase in costs after recalling a number of batteries supplied to Fisker's plug-in luxury hybrid vehicle company. The company was in financial struggle. In August, after the company announced a non-binding agreement with Wanxiang, financial pressure was temporarily eased. A123 chief executive officer said in a statement this week that the company's repeal of transactions with Chinese companies was due to "a major and unexpected challenge facing the completion of the transaction." Johnson Controls plans to acquire A123's auto business assets, including riffle in Michigan. Asia and Romulus facilities. Johnson Controls will also acquire A123's electrode powder plant in China and its equity in Shanghai Advanced Traction Battery Systems (a joint venture between A123 and SAIC).
Hua Jie Comments: A few days ago I just wrote a manuscript about A123. Today I saw the news again. The spirit of perseverance from Vientiane made the author think of the case of the acquisition of Saab for the first time. Being able to buy A123 is of course good. As a very good supplier of new energy core components, it is worthwhile for companies that have a role to play in this field. However, it is also necessary to keep in mind what their starting point is and what they want is not necessarily what they want. Bamboo baskets were empty.
1. China's vigorous development of new energy vehicles requires its own "A123"
Although the key words of new energy vehicles are automobiles, in fact, from the author's point of view, it should be a kind of competition for core components. To know a new energy vehicle, the main cost is on motors and batteries. As a new energy automobile manufacturer, you do not make these core components. The cost you can participate in is partially reduced, and your profits will be reduced to a very narrow range. So if China wants to do well in this area, it must do its homework on core components.
But what I mean by having core components is not necessarily a purchase. You can do it yourself. You can absorb the employees of these excellent companies. In the previous merger and acquisition case, the author mentioned the policy of not buying companies to buy employees at the same time, the same reason used in this merger. Once the author had followed up the two Pangsabo mergers and acquisitions, the process can be described as ups and downs. It was the longest one in all mergers and acquisitions, and the result failed. The main reason, of course, is that the parties to the cooperation do not have sufficient understanding and the special investor does not really understand the composition of the seller’s equity. A lot of money has been drained, tens of millions of euros have been thrown in Saab's bottomless pit. Of course, if the buyer is particularly rich, this fund has nothing to do with others, but such capital investment is completely unnecessary. Now it involves a more thorny company. The interests are not only related to American auto companies, but also the biggest battery win-win business among global auto companies. It is also a hot potato for political games of all parties. It is said that Chinese companies have invested tens of millions of US dollars to give this company a working capital. The current situation is also limited by whether the final Chinese government approves it, and whether the financial support provided by the US government can continue and the largest customer has been used. Whether the car will continue to use this product and a series of situations. Under this circumstance, without overall consideration, how effective this investment has yet to be further researched.
2. Globally successful companies need to stay away from political turmoil. I like the A123 company very much, focusing on technology, with a kind of ideal entrepreneurial atmosphere, but as an enterprise that is committed to the future globally, something needs to be done. More. The most important thing to keep in mind is to stay away from politics. Otherwise, even if it is to be developed well, it will take only a moment like the Japanese companies to go from the top of the mountain to the bottom of the valley. The loss caused is not something that can be remedied in 1:15. The author of this professional is doing new energy business, so for A 123 also visited the company's products many times. Of course, there is something that people do not understand. Last year probably in October last year, the company invited almost all the Chinese auto companies responsible for technology to the United States, and the company's products were observed. This kind of thing is not a majority of auto parts suppliers. A friend who may be concerned about my blog should have known this company. When I commented on battery companies last year, the data I used to tell was that A123 took almost all major North American orders. It is the best among battery companies. one of.
A123 received US$249 million in grants from the U.S. Department of Energy, and about half of it is currently used to cover some of the costs of building a factory in Livonia, Michigan. It was one of the earliest companies to enter this field. In 2010, the Michigan Battery Factory started production. The company also plans to build a second factory in the United States. A123 recently announced the development of battery chemistry. This progress will enable the battery to work in extremely hot or cold environments without the need for additional heating or cooling equipment. Current electric vehicles need to install expensive heating and cooling equipment, which increases costs. Originally reliant on MIT-authorized battery technology, this company is the darling of clean technology. In September 2009, the company conducted an initial public offering, and the stock price almost doubled in a week and exceeded 25 dollars. A123 recently warned that due to lower-than-expected sales of electric vehicles and production problems, there may be a shortage of funds. To this end it is looking for funds and new investors. Its Wednesday stock price is $0.50. General Electric is an early investor in A123 and currently holds about 5% of its shares. However, less than two years later, everyone now sees that the situation of this company has undergone earth-shaking changes. A123 is headquartered in Waltham, Massachusetts. A few years ago it had attracted some big-name investors with a market value of $2.6 billion. However, A123 has recently experienced losses and has encountered significant battery recalls. From the plight of this company, it can be seen that the Obama administration’s task of nurturing industrial bases and markets for electric vehicles has become difficult. Two years ago, A123 was one of the most promising innovators in the ascendant clean energy automotive industry; on Wednesday, the bankruptcy company was rescued. The buyer is a Chinese auto parts manufacturer. Business. Wanxiang Group, one of China's largest parts and components manufacturers, has provided US$450 million in life-saving money for A123 Systems Inc., a US-sponsored advanced battery manufacturer for electric vehicles. Through this transaction, Wanxiang Group will take A123's lithium-ion technology and its US government-funded production plant into its pocket. Wanxiang Group has slowly purchased a number of automotive assets in the Midwest.
In fact, instead of saying that the incident was a core technology loss, the US congressmen said that it is Chinese companies that can supplement this burning company with burnable fuel. Everyone is optimistic about new energy and looks forward to a good future. China needs battery core technology. The US needs cash to research and develop this technology. In this way, both provide a good technical platform and one provides sufficient cash flow. It is for the sake of a win-win situation for the future. According to the US congressman's argument, it belongs to the idea of ​​selling cheaply.
3. The U.S. general election debate has basically ended. Political circles should take the economy as a good starting point, and the US election is currently in a hot state, but the big debate is basically over. However, the plight of new energy has just emerged. Due to high costs, long charging times, and limited public infrastructure, sales of electric vehicles and plug-in hybrids in the U.S. market are still not worth mentioning compared to fuel vehicles. Nissan Motor Co. has sold approximately 3,500 pure electric vehicles in the United States since the beginning of the year. General Motors sold approximately 10,700 battery-powered "Volt" cars, and its total sales volume was 8 million. Of course, there are still three years of this situation and how much the gap is between what Obama calls the 1 million plug-in hybrid vehicles. Whether Obama can achieve this will depend on whether Obama can continue his term this year. In the past, the writer often referred to those artificial cheques that only promised to the exporters and failed to perform. In order to continue to go politically farther, politicians would probably pay more vacant cheques. Of course, for this goal, the government should make efforts like it looks like. The reason why automakers and governments are pushing this technology is to reduce dependence on imported oil, reduce greenhouse gas emissions, and nurture a new industry. To start the electric vehicle battery industry, the US government has provided US$1.26 billion in funding for Johnson Controls, LG Chemicals, Dow Kokam, a joint venture between Dow Chemical and Korea Kokam Co., and has built nine factories in four states in the United States since 2009. Most of the factories' battery production is much lower than initially expected. Ener1 Inc., which had also received government funding, sought bankruptcy reorganization under Chapter 11 of the Bankruptcy Law of the United States and later rejuvenated.
The prospects of new energy are far from enough current consumption. Although the Obama administration has set a target of 1 million plug-in hybrid vehicles on the road before 2015, the Chinese government has also formulated what the author had previously called the "Great Leap Forward." The goal of 5 million vehicles in 2020, but the goal is only the goal. Just like China’s good voice Yang Kun can say 32 concerts in a row, Na Ying can also speak 320 concerts, but this is just to say, and there is no relationship with the real legal documents signed. What is the current situation and how popular is it? People in the industry should be very clear.
As China's world champion in production and sales, the production and sales of new energy vehicles are actually far inferior to the North American market. Under such circumstances, it is the most urgent thing for so many new energy automobile manufacturers and companies that survive the upstream and downstream chains to go on. Of course, the trick is how to survive. The Sino-U.S. R&D center for new energy vehicles was held at the University of Michigan at the end of this month. Academic, corporate, and political circles from the US new energy industry and related senior Chinese officials will attend the conference. Of course, this organization has lasted for several years. At least a typical signal to the outside world is that China and the United States, as well as Europe and Japan, should understand that in the new energy path, everyone is a rope of grasshoppers. The only way to survive.