On September 23, the reporter learned from the National Development and Reform Commission that SAIC Chery Automobile has officially changed its name to Chery Automobile Co., Ltd. At the same time, Chery Automobile obtained the qualification for car production. After SAIC had to withdraw its 20% stake in Chery for nearly a year, Chery finally took off the word “Shangqi†in front of the name, thus proclaiming the two officially breaking up. In June of last year, a high-level Chery Automobile company disclosed to the reporter on the 23rd that SAIC had officially withdrawn 20% of the shares from Chery as early as last June and signed an agreement in August of the same year, but the agreement provided for a period of confidentiality. During the period of confidentiality, both parties shall not announce the matter to the public. According to reports, the period of confidentiality is to provide sufficient time for Chery to apply for a car production qualification from the National Development and Reform Commission (on September 10 this year, the National Development and Reform Commission officially approved, and Chery finally obtained the qualification for car production). It is understood that although China has already eliminated the catalog system in terms of access to automobile production, it still insists on the examination and approval system. Only on the announcement of the National Development and Reform Commission can it be qualified for automobile production. Chery was not qualified for car production at that time. Even if it had no equity connection with SAIC, Chery still needed SAIC's production catalog. Therefore, both parties did not disclose the matter at that time. The name of SAIC Chery has been used up to now. Previously, Hu Maoyuan, President of SAIC Group, explained that "We would like to help Chery go a little longer." The withdrawal of shares by SAIC has always been an industry rumors. Both SAIC and Chery have always refused to answer positively. At that time, there was widespread speculation in the industry that Chery may still need the reputation of SAIC and hope to rely on this tree to grow and expand. It seems that Hu Maoyuan’s intention to help Chery to go a long way is actually to apply for a car production qualification for Chery for a little time. 20% of the shares are unknown. On September 23, the National Development and Reform Commission announced the news that Chery was qualified for automobile production. On the evening of the 24th, SAIC spokesman Xue Hao said in an interview with this reporter that he was unaware of the incident. When the reporter asked whether SAIC had already withdrawn 20% of its shares from Chery, Xue Hao had responded to other departments of SAIC and responded to reporters: “At present, there is no new progress in the relationship between SAIC and Chery.†SAIC is obviously Very cautious! Jin Yibo, the general manager of Chery Automobile Sales, admitted that the company had withdrawn the shares, but he said that he had dealt with 20% of the stock. He only said that he had done a proper job. He said he was unaware of other issues. While the party's position is ambiguous, while the other party acknowledges the withdrawal, it refuses to disclose the details of the agreement. What is the reason? People in the industry pointed out that SAIC Motor’s 20% stake has only two treatments. One is to sell or return Chery, and the other is to sell to third parties at market prices. The key point is that if this 20% stake is withdrawn from SAIC and then transferred to a place unrelated to Chery, why does Chery use SAIC's production catalog for about a year? Therefore, the whereabouts of this 20% stake related to the sensitive issue of whether SAIC and Chery have illegal operations. Naturally, both parties are reluctant to say more. There is external pressure to split the family. It is understood that, in 1999, Chery Automobile did not have a car production catalog after Wuhu was off the assembly line and could not be sold. At the end of 2000, under the coordination of relevant government departments, Chery and SAIC Motors signed an agreement to allocate 20% of the shares of SAIC Group through the allocation of state-owned assets. However, SAIC agreed with Chery: No investment, no management, no debt and no dividends. Industry insiders said that SAIC did not look at the development prospects of Rui. The subsequent process is clearly beyond SAIC's expectations. Chery took the fast train of China's auto industry development. In a short period of three or four years, Chery has already ranked top ten in domestic auto sales. It sold 50,000 units in 2002, sold 90,000 units in 2003, and has a sales target of 150,000 this year. Chery’s current annual production capacity has reached 350,000, and its engine production will reach 430,000 units. Chery is undoubtedly the fastest growing national brand in China, and it has begun to attract the attention of international auto giants. In the development process of Chery, SAIC has played a vital role. The hundreds of parts and components supporting companies for Shanghai Volkswagen are also supporting Chery, and Chery’s parts and components can even be replaced with Santana, which makes the German public very annoyed. Shortly thereafter, Chery QQ was accused of copying the generic Chevrolet SPARK, and Chery firmly denied that it was an independently developed product. GM collected a large amount of evidence for this matter and is still in communication with the Ministry of Commerce. SAIC's two major partners spearheaded Chery. SAIC has apparently been unable to do anything. The separation from Chery has already become inevitable. Experts in the industry analyzed that the events of parts and components and the plagiarism of QQ are just a fuse. The intention of the international auto giants is very clear. It is to curb the development momentum of Chery too fast, because Chery not only holds an important market share in China, but also Started bulk export (this year has been China's largest number of cars exported), it is clear that the rapid development of Chery has affected competitors.
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