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Old 12-03-2013, 01:02 PM   #1
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Default BAIC takes majority stake in Changhe Auto

From Chinadaily

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NANCHANG -- Beijing Automotive Group (BAIC), China's fifth-largest auto maker by sales, signed an agreement on Monday to pay about 80 million yuan ($13 million) for a 70-percent stake in Jiangxi Changhe Automobile Co.
The Jiangxi Provincial State-owned Enterprise Assets Operation (Holdings) Co owns the remaining 30-percent stake, under the strategic cooperation agreement signed by the BAIC and the Jiangxi provincial government.
The move aims to help revive the manufacturer of small vehicles after four years' cooperation with another auto giant, Chang'an Automobile Group, failed to boost its growth.
The BAIC and the provincial government plan to invest 13 billion yuan in the four years to 2017 to nearly double the annual vehicle production capacity to 500,000 units and to raise annual revenues to 50 billion yuan, according to the agreement.
Between 2018 and 2020, they plan to further invest 14 billion yuan to expand the annual capacity to 1 million units and to increase the annual revenues to 100 billion yuan.
Changhe Auto, with two manufacturing plants in the cities of Jingdezhen and Jiujiang, currently has an annual capacity of 270,000 vehicles. It was incorporated into Chang'an Automobile Group in 2009.
But Changhe Auto ran into trouble due to factors including weak sales, shortage of funds and outdated technology.
To seek a new investor to help grow the local auto industry, the provincial government initiated a restructuring of Changhe Auto. It made the company a wholly owned subsidiary of the Jiangxi Provincial State-Owned Enterprise Assets Operation (Holdings) Co in October.
http://www.chinadaily.com.cn/busines...t_17131377.htm
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Old 05-29-2014, 08:19 AM   #2
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Changhe aims to manufacture and sell 300000 vehicles next year

From gasgoo.com

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On the eve of the Chongqing International Auto Industry Fair, Wang Dehui, president of the Changhe Automobile Sales Company, shared insights into the Jiangxi-based manufacturer's development trends for the future, which were later reported by the Chongqing Economic Times.
Mr. Wang mentioned that Changhe, following its joining the BAIC Group, will focus more on making new investments. By the end of this year, Changhe's brand new model will be officially released; it will be followed by two more new models the following year, including a compact SUV. On the technological side of things, Mr. Wang confidently stated that Changhe now possesses access to BAIC Group's immense technological resources, which combined with its own years of experience, will help provide the most reliable and advanced automobiles for its consumers.
Finally, commenting on network distribution and production capacity, Mr. Wang pointed out that Changhe already possesses 220 certified dealerships across the country. The manufacturer plans to add 60 more dealerships this year to help fulfill its yearly target of 170,000 vehicles sales. Changhe's production capacity and sales volume targets for next year are 300,000 vehicles each. Such a figure would allow it once again become a mainstream contender.
http://autonews.gasgoo.com/china-new...l-140527.shtml
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Old 07-22-2014, 06:26 AM   #3
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From Automotive News China (subscription) reproduced at www.segmenty.com:

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Changhe Auto readies CNY 14 billion assembly plant

Jiangxi Changhe Automobile, a subsidiary of Beijing Automotive Industry Holding, has begun construction on an assembly plant in Jingdezhen in east China's Jiangxi province.

The new facility, due to launch production in late 2015, will have capacity to build up to 300,000 vehicles and 300,000 engines a year by late 2017, the company said. By the end of 2018, the plant's annual capacity will increase to 450,000 vehicles and engines.

The company's investment in the new facility will total CNY 14 billion (US$ 2.3 billion), according to Changhe.

The new facility will assemble a wide array of vehicles: microvans, sedans, SUVs and MPVs. It will also produce some electric vehicles, Changhe said, without providing further details about its plans.

Changhe is headquartered in Nanchang, capital of Jiangxi province. The company already has two assembly plants in Jingdezheng and Jiujiang, both located in the province.

The two assembly plants can produce up to 300,000 vehicles a year, while an engine plant in Jiujiang can produce up to 150,000 engines annually.

Late last year, state-owned BAIC acquired a 70% stake in Changhe. Prior to that, Changhe was owned by China Chang'an Automobile Group. But the two state-owned companies broke apart after Changhe resisted Chang'an's integration plan.
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