Three years struggling to find the holdings of SAIC GM Wuling GM finally got his wish. Recently, senior executives of SAIC-GM-Wuling confirmed that GM has increased its shareholding in the company's 10% stake in the approval process. As a transaction price, SAIC-GM-Wuling’s mid-size car project was fully finalized. No accident, the first car will be rolled out at its Western plant in Liuzhou on November 18 next year.

Three years of hardship in the event

"This acquisition has been finalized and is going through the process. Because of the GM support for increasing Shanghai GM , SAIC also supports GM's increase in Guangxi, and Guangxi finally agrees." A senior executive of SAIC-GM-Wuling revealed that the matter is being worked on. Take the approval procedures of commercial departments at all levels. The source revealed that the price of GM’s holdings is about 300 million yuan.

SAIC-GM-Wuling is located in Liuzhou, Guangxi and is the largest mini-car company in China, occupying nearly half of the mini-vehicle market. This year, the company’s production and sales have exceeded one million vehicles. SAIC holds a 50.1% stake in the company, General Motors accounts for 34%, and Wuling Group, which is controlled by the Guangxi government, accounts for 15.9%. After this increase, GM's equity ratio increased to 44% and Wuling Group dropped to 5.9%.

In the past three years, the continued strong growth of SAIC-GM-Wuling attracted GM's attention. Three years ago, GM expressed its wish to increase its holdings to the Guangxi government, but all failed. Today, SAIC-GM-Wuling is one of the three general vehicle joint ventures (the other two are Shanghai General Motors and FAW-GM), and its development speed has already surpassed the general imagination.

Car analyst Lin Muhong said that from the quantitative point of view, SAIC-GM-Wuling was about 1/8 of the GM globally last year, more than Shanghai GM. Not only that, the company is also the largest overseas producer of the GM Daewoo B engine, and it will be an export base in the future. He thinks these are the reasons why GM is struggling to increase its holdings.

Insider SAIC Concealed to Increase Success

Why has the problem of increasing holdings reached a stalemate in three years? Wu Peng, deputy general manager of SAIC-GM-Wuling told reporters that the main reason is that the Guangxi government's mid-level car appeal has been met.

Informed sources told reporters that three years ago, GM began to increase the stake in SAIC-GM-Wuling to the Guangxi government, but at that time, the Wuling Group under the Guangxi government was not willing to give up the stock. The Guangxi government has proposed that it be responsible for coordinating, but hopes to produce medium-sized vehicles in Guangxi, expand the scale of the auto industry in Guangxi and employment opportunities, and expand the scale of the overall GDP of the autonomous region.

GM did not refuse this request, but the introduction of a mid-size car project required the approval of the major shareholder SAIC. Unexpectedly, SAIC embarked on this project. As far as reporters are aware, when the leaders of the Guangxi government met with SAIC leaders three times last year, they all mentioned this matter, but there was no progress after the meeting. The general plan for increasing holdings has reached a stalemate.

However, after entering the year of 2009, a turnaround occurred. As the state stipulates that new accounting standards should be implemented starting from 2010, if the parent company fails to absolutely own a subsidiary, it cannot merge its statements. Under this circumstance, SAIC negotiated with GM and hoped that GM would sell 1% of Shanghai GM shares. After negotiation, GM eventually agreed that as a positive response, SAIC also agreed to introduce the mid-size car project to Guangxi. Subsequently, the Guangxi government quickly agreed to increase its holdings.

Strategy is about Asian strategy

At present, SAIC-GM-Wuling ’s mid-level car project has been fully finalized. The car is code-named GP50, which was developed on the Buick Excelle platform and developed by Pan-Asian Technology. He Peng revealed that according to the initial plan, on the occasion of the 8th anniversary of the company's listing on November 18 next year, the mid-level car will be held off the assembly line. It will be available in volume from April 2011. The sales target in 2011 is 70,000-100,000. Vehicle.

It is worth noting that Peng Pengyue revealed that the car will not be linked to the Wuling brand, nor will it be linked to the GM brand, but will be linked to SAIC-GM-Wuling’s own LOGO. "The LOGO has been designed and is being solicited for comment. In the future, all the company's passenger vehicles will be linked to this brand."

In fact, the quest for GM's joint venture in Guangxi is closely related to its strategy for emerging markets in Asia. A general source told reporters that SAIC-GM-Wuling is no less important to GM than Shanghai GM, because future expansion of emerging Asian markets such as India will depend on the company.

Starting from the first quarter of next year, GM and SAIC will join hands to reorganize the GM India and restart the Indian business. At present, SAIC, GM and SAIC-GM-Wuling have set up a project team to study what models are produced in India and how to develop business. The reporter learned that this project team is the management team of the new GM India company in the future. Yao Zuoping, deputy general manager of SAIC-GM-Wuling , is the person in charge of the project team.

“At present, we are discussing the production of light from Wuling or Wuling Rongguang in India.” Senior executives of SAIC-GM-Wuling told reporters that the cost of the production of which model was mainly reduced to the level accepted by the Indian market. General sources told reporters that GM places great emphasis on SAIC-GM-Wuling’s ability to control costs and develop new markets. These two capabilities will be the key to opening up the Indian market in the future.



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