Do you remember the 2014 FAW Car's rhetoric on new energy vehicle planning? Unable to live, the total investment of 4.348 billion yuan and the FAW Car New Energy Plant project to be built in Changchun was recently terminated by the FAW Car at the 10th meeting of the 7th Board of Directors.
According to the announcement issued by FAW Car on April 29, the reason for the termination of construction of the plant was: "The company has effectively improved the company's production process technology through the research and demonstration of the changes in the market environment and future product planning. The production capacity can meet the requirements of future product layout and sales.In line with the principle of maximizing profits, the company plans to adjust the location of future new energy products and terminate the construction of new energy plant technological transformation projects, in line with the spirit of the relevant national policies to improve corporate resources. Configuration, improve the efficiency of capital use, and safeguard the interests of the company and all shareholders."
The meaning of this passage translated in common language is: We feel that with the current production capacity and production technology of the factory, new energy vehicles can be produced, and there is no need to spend money on rebuilding one. This is also saving money for the country and the company!
When I saw this, the writer suddenly felt touched and cry. The bear boy, who had spent money on his hands and never thought of the consequences, finally grew up and knew that he was distressed by his parents' money.
How much does it cost to build such a new energy plant? According to the information disclosed in the announcement, the total investment of the project is about 4.348 billion yuan, of which 4.109 billion yuan is for new construction investment and 150.792 million yuan is for initial working capital. All investment is self-raised by FAW Car. The factory address is in Changchun.
Such a huge investment project passed the general meeting of shareholders of the FAW Car in 2012. At that time, FAW's plan was for the factory to occupy an area of ​​1.26 million square meters, including four workshops for stamping, welding, painting, and assembly, as well as logistics warehousing and public ancillary facilities. After completion, it will have a production capacity of 200,000 vehicles in a double-shift production line. New energy vehicles and A-class vehicles will be put into operation in the future. According to the previous idea of ​​FAW, this new energy plant is scheduled to be completed and put into production in July 2014.
FAW Car even planned to put the car into production. According to the information disclosed by FAW Car Products Minister Ma Yan in an interview with the media in 2014, FAW plans to start new energy from high-end vehicles. The first model that the plant put into operation is likely to be Pentium's product. Future Pentium products are expected to launch new energy models, including the Pentium PHEV, Pentium EV, Oulang EV and Hongqi H7PHEV that have been publicly displayed.
The plan looks quite ambitious, but the progress is like everyone can see now. Not to mention the new factory, FAW's new energy vehicles currently using existing production lines can count on their fingers.
There were good people who had done statistics in 2015. In the first 7 months of 2015, China FAW Group produced a total of 1 pure electric vehicle. Yes, you read it right. It was a pure electric vehicle. The car was produced in January of that year, and the next six months were zero production. If new energy vehicles are produced at this pace, FAW really does not need to spend more than 4 billion yuan to rebuild a new energy automobile factory. It is also a waste of energy, manpower, time and money.
Some people may say that FAW simply does not want to be a new energy vehicle and is not willing to produce it. However, at the Beijing auto show in 2014, FAW Mingming announced the launch of four new energy vehicles: Pentium B50-PHEV, Pentium B50-EV, Weizhi-EV and Oulang-EV. At the same time, FAW has also released a strategic plan at the scene, "by 2020, complete the layout of key assembly resources, make plug-in hybrid power and pure electric power platform, control the core assembly resources; achieve six new energy vehicle platforms, The 16 models are fully prepared for industrialization and have the ability to be put on the market in batches; the market share is more than 15%, and they have leading technological advantages and market advantages in independent new energy vehicles, and have become leaders in China's satisfaction with new energy vehicles."
Is a listing conference just to do it? Planning can be casually talked about?
If it is not wrong, this year will be 2017, and it will be less than three years from 2020. Five years have passed since 2012. During this long period of five years, has there been any progress in the technological transformation project of FAW's new energy plant before the latest board vote? Have.
According to the information disclosed in the April 29 announcement, the project has actually invested 24.155 million yuan, accounting for 0.56% of the estimated total investment. The money invested by the project is mainly land payment, which has been fully recovered. Investment tooling molds, FAW also applied to other models based on the actual production conditions, then the rest of the construction and installation project costs 4,203,400 yuan is basically played.
In five years, a project that was planned to cost billions of yuan has only progressed to the acquisition of land and the construction of several factories. This speed is indeed drunk. However, thanks to its slow efficiency, if it is completed, the loss will be even greater. At this point, FAW is more sensible than the new vehicle builders who now work overtime to build bases.
Write here, I can not help but want to insert a sentence, to remove the construction and installation costs and tooling mold costs, the new factory's land is only 1515.96 million yuan! 1.26 million square meters! I do not know live in Beijing West City Second Ring 150 square meters of local tyrants will feel?
Fortunately, now that FAW knows that it will live, it immediately terminated this big project that doesn't seem to generate any return on investment, and began to spend the day wisely. According to news sources close to FAW, in addition to retreat, this is actually a market management exercise. If there is little output, the amortization of fixed assets will affect the performance of the financial report and ultimately affect the share price of FAW Car.
According to the financial report of FAW Car in the first quarter of this year, 2016, FAW Car's streamlining of product lines for the elimination of waste models caused a total of 320 million yuan in expenses, resulting in a loss of inventory value of 225 million yuan in the impairment loss of assets and an inventory loss of 92.72 million in management fees. . After the clean-up, the 2017 FAW Car will be lightly loaded to form the product layout of the Pentium Dual A, Double B, Dual SUV + Mazda CX-4, and the brand-new Atiz, and there will be no pressure for re-embarkation costs.
It is gratifying that under the awesome performance of the Mazda CX-4 and the Pentium X40, FAW Cars turned losses into profits in the first quarter of this year. Although some people still think that this kind of turnaround, FAW's joint venture partner Mazda has gained more credit. However, compared to some listed car companies that rely on banks and local government subsidized loans to turn losses into losses, FAW Car is able to achieve short-term losses by not selling assets through product self-help, which is not easy.
FAW Car said that to speed up the product launch, the next two years will also launch X60, the new modified models X80, MPV models to extend the product chain to help companies complete the brand breakthrough. It can be seen that the current FAW sedan focuses its efforts on the development and promotion of traditional models. As for the new energy cars that look good, the FAW cars that have just lost their losses have indeed been ignored. Or do the main business first, regain the status of the long-lost rivers and lakes, and talk about other things.
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