On December 5th, the 11th Automechanika Shanghai, the largest auto parts and repair testing and diagnostic equipment and service product exhibition in Asia, came to a close at the Shanghai National Convention and Exhibition Center. The difference from previous years is that the number of exhibitors in the international pavilions at this exhibition has increased by 30%. At this exhibition, the road to internationalization of independent parts companies has also become the focus of discussions among numerous manufacturers and experts.
Since the beginning of this year, Chinese parts and components companies have set off a wave of overseas mergers and acquisitions. For example, China National Chemical Rubber Co., Ltd. acquired Pirelli for up to 7 billion euros, which is the largest investment by a Chinese company in Italy; Weichai Power once again acquired a 4.95% stake in German KION company for 187 million euros. The shareholding ratio will reach 38.25%. Some experts have issued a document saying that overseas mergers and acquisitions by Chinese auto parts companies have become a trend.
In fact, the expansion of global business through cross-border acquisitions is not China's originality. Some parts and components companies in Europe and the United States have long regarded it as a "magic weapon" for entering the world market. Taking Bosch, a famous German manufacturer of parts and components, as an example, after entering the Chinese market, there will be no break in the joint ventures and mergers and acquisitions between Bosch and Chinese companies. In 2001, the acquisition of Wuxi Weifu Group, China's largest engine parts company, enabled Bosch to use Weifu's original technical capabilities and sales network to basically occupy the entire market of high-end diesel engine supporting businesses in China.
However, since most of China's auto parts companies only "combat" in the local area, there is no global solution matching international car companies. In addition, some auto parts companies in China are affected by the "illnesses" such as low level of globalization and poor independent research and development capabilities, and it is difficult to support the globalization strategy of international car companies. In the face of opportunities, they can only "look at the ocean."
At the 2015 Automotive Matching Procurement Trends Summit held on December 2, the participating experts analyzed the dilemmas faced by Chinese auto parts companies: On the one hand, the gradual reduction of vehicle costs has become an inevitable trend in the development of the auto industry. All suppliers of parts and components are facing constant pressure to reduce costs and are faced with severe challenges to survival. On the other hand, in the face of pressures to reduce production costs, many foreign-owned vehicle manufacturers have met the requirements of the production process standards. The localization of purchased parts has also become an important trend in reducing production costs, which also provides Chinese branded parts and components companies with more development opportunities.
Many professionals who have long paid attention to the auto parts industry have stated that China’s auto parts manufacturers should break the development concept of “home warfare†if they want to catch up with the pace of internationalization of European, American and Japanese auto companies in the short term.
However, in the face of the internationalization strategy of many car companies, the parts and components companies required by the OEMs in the future are no longer pure parts suppliers in the traditional sense, but can provide systematic solutions for the global development of vehicle manufacturers. The supplier of the solution, which has more stringent requirements for the supplier's integration and innovation capabilities.
In this regard, some people in the industry pointed out that in the short term, if China’s auto parts companies fail to make breakthroughs in technology research and development, they will have no choice but to choose joint ventures and mergers and acquisitions with international multinational auto parts and components groups. Ye Shengji, deputy secretary-general of the China Association of Automobile Manufacturers and director of the expert committee, stated frankly during the “13th Five-Year Plan†China auto parts development strategy keynote speech, using the technology R&D platform of the joint venture to foster the core technology independent innovation capability and promoting the parts and components companies. Mergers and acquisitions and reorganization of China's well-known parts and components brand is an important way to strengthen the internationalization of China's auto parts.
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