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A few days ago, the new CEO of PSA Peugeot Citroen Philippe Vallan said that the company may establish a new vehicle joint venture company with Hafei in September this year, with its executive headquarters in Shenzhen, and the PSA Peugeot Citroën Group (PSA) China Project Department. Minister Pedro served as general manager. An insider of PSA (China) said that both parties are now accelerating the project. "This time there will not be much change, and the project will not be delayed for too long."
A few days ago, PSA's new CEO Philip Vallan told the Financial Times in an interview that the company may set up a second joint venture in China to promote its overseas sales, and to the public, Toyota and Honda in China. Car companies with outstanding market performance have initiated challenges. The new joint venture company was established around September this year.
PSA Peugeot Citroen Group is the second largest automobile manufacturer in Europe and still holds a leading position in the European light commercial vehicle market with a market share of 17.7%. In the first half of this year, PSA's two major brands, Peugeot and Citroen, completed sales of 117,300 units in the Chinese market, a year-on-year increase of 13.8%. However, the overall growth rate of the Chinese market is still lower than 18.4%. PSA has only a cooperative relationship with Dongfeng Group in China, while VW, GM and Japanese manufacturers have two joint ventures in China.
All indications are that PSA is actively advancing its joint venture with Hafei: On June 30th, Varan arrived in Beijing on a low-key basis and met senior management members of Hafei's parent company, New China Airlines. In early July, a working group of nearly 20 people from PSA (China) led by Pedro went to the final negotiations of a joint venture between Harbin and Hafei, including the docking of personnel from various departments. According to sources, another smaller-scale working group also conducted a revisit to the Shenzhen Hafei plant. The Hafei Shenzhen plant, which had previously been shut down, will also be part of Hafei’s 800 million yuan investment in the joint venture project.
In an interview with Daily Economic News, the Hafei Motors concerned also confirmed that what Varan called the second partner in China was Hafei Motors, which signed a memorandum of understanding with PSA in June 2007.
According to an automotive industry expert analysis, PSA has cooperated with Hafei in this regard. First, it can change the current situation of the single models launched in the Chinese market. Secondly, it can also seize the opportunities in the current competitive commercial vehicle market. Will help PSA's development in the Chinese market. PSA can completely distribute Peugeot and Citroen to different joint venture partners. "Giving Peugeot Hafei and Citroen to Dongfeng Shenlong to achieve a win-win in the competition is the true meaning of PSA's 'Dual Brand' strategy."
View related topics: China's auto industry recommence mergers and acquisitions wave
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